Incessant Market Fires Cost Nigerian Economy an Estimated ?4.6 Trillion in Uninsured Assets
A BusinessDay analysis published in March 2026 estimates that recurring market fires have destroyed ?4.6 trillion in uninsured assets across Nigerian markets, with losses concentrated in Lagos, Onitsha, Kano, Ibadan and Aba. Markets affected include Ladipo and Owode Onirin in Lagos, Gbagi and Aleshinloye in Oyo, Onitsha Main Market in Anambra and Simra in Kano. The report attributes the fires to overcrowding, illegal electrical modifications by traders and absence of enforced fire safety standards. BusinessDay notes that beyond financial losses, fires trigger supply disruptions that ripple through commodity prices — particularly in perishables and dry goods markets that serve as distribution hubs for food reaching end consumers across multiple states.