It houses various business ventures caught fire in the early hours of Tuesday.
In a footage seen by The Guardian, the fire is still razing one of the shops in the market while attempts are ongoing by the bystanders to quench it.
According to a source, the building on fire is a shopping plaza located at No. 43, Martins Street, Lagos Island.
Firemen from the Lagos State Fire Service have arrived at the scene alongside other security officers to put out the fire.