According to eyewitnesses, the incident happened around 11 am.
The Lagos State Emergency Management Agency confirmed the incident, saying that no lives were lost.
The Director-General of LASEMA, Olufemi Oke-Osanyintolu, described the commercial value of the goods destroyed as “significant”.
He said, “The agency arrived at the above scene to discover a three-storey building engulfed in flames due to the flames escalating from the second to the third floor of the building.
“Due to the combined efforts of the Agency’s Fire Team, the Lagos State Fire Service, and the Federal Fire service, the fire has been extinguished with no casualties.
“Unfortunately, it appears that goods of significant commercial value have been destroyed by the inferno.
“Preliminary investigation suggests that the fire was caused by voltage surge when the power supply was restored within the area.
“In addition to the aforementioned, NEMA, NSCDC, LNSC, and Police are also responders at the incident scene working together to secure the scene and forestall any secondary incident.
One of the affected traders, Aya Ejire, said she went to deliver goods to a customer when the incident happened.
“I received a call that my store was on fire. On getting there, half of my goods are burnt. It is very painful. I hope that God will restore my loss,” she added.
Another trader added, “I never planned for this kind of this year. I have lost the good of almost N500,000.”