There was pandemonium earlier on Wednesday when a shop filled with firecrackers exploded around Oroyiyin/Jankara area of Lagos Island.
The explosion reportedly happened around 9:30am.
The fire which came as a result of the explosion quickly spread to other shops causing panic among traders and shoppers alike.
Many residents of the area tried frantically to put off the flames with two firemen said to be at the location to assist in putting off the fire.
A huge crowd gathered, making it difficult for firefighters to put out the fire.
Casualty figures are yet to be ascertained.