The Lagos Chamber of Commerce and Industry (LCCI) has proposed a series of strategic measures aimed at preventing market fires, protecting businesses, and ensuring the continuity of economic activities following a significant blaze at the Great Niger Insurance House. The fire, which engulfed the building on Martins Street in Lagos Island over Wednesday and Thursday, resulted in substantial financial losses estimated in the millions of naira and severely impacted numerous Small and Medium Enterprises (SMEs).
Dr. Chinyere Almona, Director-General of LCCI, emphasized that the incident underscored the inherent vulnerabilities faced by market-based enterprises, which are fundamental to Lagos’s commercial landscape. She highlighted that beyond the immediate destruction of property and inventory, such events trigger critical concerns regarding business continuity, disaster preparedness, investor sentiment, and the overall resilience of Nigeria’s trading infrastructure.
Almona pointed out that with insurance penetration among Nigerian SMEs estimated to be below five percent, a vast majority of affected businesses are left without the necessary financial safety nets to resume operations swiftly. This lack of coverage often leads to extended periods of inactivity, significant income loss, and a substantial risk of permanent market withdrawal for these enterprises.
The repercussions of such incidents extend beyond individual businesses, disrupting established supply chains and eroding customer trust. The overall commercial vibrancy of affected vicinities diminishes, starkly illustrating the inadequate business continuity planning prevalent among market-based enterprises. These events serve as a potent reminder of the fragile nature of operations in many commercial hubs.
Furthermore, a critical deficiency identified by the LCCI is the widespread lack of essential firefighting infrastructure in many markets. The absence of functional fire hydrants, dependable water sources, and readily available onsite firefighting equipment significantly impedes response efforts. This forces emergency services to rely on external resources, leading to critical delays in containing fires.
To address these pressing issues, the LCCI advocates for a multi-pronged approach. This includes immediate investments in modern firefighting equipment and infrastructure within market environments, alongside robust awareness campaigns on fire safety protocols and emergency preparedness for business owners and traders. The chamber also stressed the importance of government support in facilitating affordable insurance schemes for SMEs.
LCCI also calls for stricter enforcement of building codes and safety regulations in commercial areas to mitigate future risks. Regular inspections and audits of market structures and electrical installations are crucial to identify and rectify potential fire hazards before they escalate into catastrophic events. This proactive stance is vital for long-term economic stability.
The organization further recommends the establishment of dedicated emergency response teams within major markets, equipped to handle initial firefighting efforts. These teams, trained in rapid response, could significantly reduce damage in the crucial initial stages of a fire, potentially saving businesses and livelihoods from complete devastation.
Sustaining economic activities requires a collective effort involving government, private sector organizations like LCCI, and the businesses themselves. By implementing these recommendations, Lagos can build more resilient markets that can withstand unforeseen challenges and continue to drive economic growth and development for the benefit of all stakeholders involved. The goal is to foster an environment where businesses can thrive with greater security.
