The incident happened on Friday on Sanni Adewale Street in Lagos Island Local Government Area of the state.
Confirming the incident in a statement, the Director of the Lagos State Fire and Rescue Service, Margaret Adeseye, said firefighters from the Ebute Elefun, Sari, and Lekki 1 stations were dispatched immediately after receiving a distress call and arrived at the scene by 5:33 a.m.
She said the fire which started around 5:17 a.m. caused panic in the area as residents scrambled for safety.
Emergency officials were on ground to extinguish the blaze which has already destroyed items valued at millions of naira.
Reports say the situation is now under control and ventilation efforts are currently ongoing in ensuring the safety of all in the area. Preliminary investigations suggest the fire was triggered by an electrical surge while no casualties have been reported.