Photo credit: Twitter @MobilePunch

Some buildings at the Balogun market, located on Lagos Island are currently on fire.

The fire outbreak is reported to have started from Anambra Plaza on Martins streets the market.

The inferno, according to eyewitnesses, has spread to about five structures and fire fighters are currently battling to contain the fire that started from the building opposite Oluwole Car Park on Martins Street.

According to Channels Television, traders are in a serious panic as they salvage their goods from the windows of the high-rise buildings and scamper to safety.

Properties worth millions of naira are feared to have been destroyed in the raging fire at the popular Balogun market in Lagos.

The cause of the inferno which broke out on Wednesday morning has yet to be ascertained, as well as the casualty figure in the incident.

At least five buildings, including ‘Anambra Plaza’ were caught in the fire while some traders in the affected buildings threw down their goods through the windows.

This makes it the second time the Balogun market will be gutted by fire in two months.