An economist, Dr. Muda Yusuf has called for a stronger insurance culture, strict urban planning compliance and effective regulatory oversight to reduce the economic and social devastation caused by recurring fire outbreaks in Nigeria.
Yusuf spoke in reaction to the recent fire that gutted the Great Niger Insurance House on Martins Street, Lagos Island, an incident that occurred between Wednesday and Thursday and destroyed the entire building.
The fire led to losses estimated at several millions of naira, with numerous small and medium enterprises, SMEs, bearing the brunt.
He warned that frequent fire incidents in major commercial hubs now pose a serious threat to business survival, particularly as weak safety standards, poor urban planning and low insurance penetration continue to magnify losses.
The economist said fires often wipe out inventories, properties and business assets, noting that the damage is usually worse for SMEs that operate without insurance coverage.
He explained that the lack of insurance among traders and small business owners makes post-disaster recovery extremely difficult, forcing many to shut down permanently after such incidents.
Yusuf described the spate of fires as disruptive and increasingly common, blaming poor adherence to safety regulations and building standards in commercial districts.
He criticised safety and regulatory agencies for weak enforcement, stressing that compliance with fire and building safety rules was largely absent in many business areas.
He noted that most agencies tend to become active only after disasters strike, urging a shift from reactive interventions to proactive prevention and risk management.
Poor urban and town planning, he said, is a major contributor, especially in congested areas like Lagos Island where buildings are packed closely together without respect for approved spacing.
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Yusuf called on town planning authorities and building control agencies to strengthen monitoring and enforcement, warning that congestion often prevents firefighters from accessing fire scenes quickly, allowing flames to spread and worsen losses.
He also advocated accelerated urban renewal programmes, arguing that while demolitions may bring short-term discomfort, they are preferable to repeated destruction from preventable disasters.
The economist urged government to tap into private sector expertise to improve safety compliance frameworks and enforcement mechanisms, stressing that strong political will and deliberate action are needed to break the cycle of recurring fire outbreaks.
He further advised traders and SMEs to adopt insurance as a vital risk management tool to cushion the impact of future incidents.
Meanwhile, victims of the Lagos Island fire were seen counting their losses.
A businesswoman, Mrs. Sherifat Azeez, lamented that her family had been thrown back to “square one” after goods recently purchased by her and her husband were completely destroyed in the blaze.
She cried out in distress, questioning how her family would recover from the sudden loss of their livelihood.
Another trader, Mr. Lateef Babamole, whose shop escaped the fire, expressed fear over future outbreaks, saying survival in such markets depended more on luck than preparedness.
He said many traders lost their entire stock within minutes, pointing to poor market layout, lack of safety equipment and minimal insurance coverage as ongoing risks.
Babamole warned that little had changed since the incident and appealed to government to document affected traders and support them with soft loans, while also strengthening fire safety systems across markets in the state.
NAN
