Many people were injured and cars destroyed when a multi-storey building packed with fire crackers and other types of goods went up in flames on Wednesday morning on Lagos Island.
Witnesses said the explosion went off around 9.30a.m as the city marked Boxing Day amid a lull in business activities.
The building is said to be located on Oko Awo Street in the popular Jankara area of Lagos, close to King Ado Secondary School.
Within minutes of the explosion, the fire spread to a nearby building, sending hundreds of residents, traders and shoppers fleeing in the usually boisterous market area.
There were initial speculation around the country that a bomb had exploded in Lagos while a report said a plane crashed in the city.
The casualty figure is yet unknown although many injured persons have been rushed to the hospital with serious burns.
Fire crackers are banned in Nigeria although it is a common fare during Christmas and New Year celebrations.
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