Market fires and the Nigerian economy - Punch Newspapers

One thing any observant citizen would easily note is the rate at which market fire disasters befall the country. It is in the news, day in and day out. No part of the country is spared. The states with large populations, such as Lagos, seem to have more incidents of such infernos. The news screams the same headlines: goods burnt, shops razed, markets destroyed, a few people dead!

Over here, statistics from the Federal Fire Service indicate that between 2020 and 2021, a total of 4,541 calls were made to the agency nationwide and 378 rescue emergencies were recorded. Most trading activities take place in the markets and goods sold range from petty perishable items to heavy duty gadgets. This represents the sole means of livelihood of many of the traders. Hence, this means of livelihood is threatened by the incidents of fire disaster. The unrelenting spate of fire accidents in markets within the country has stripped many traders of their jobs and means of livelihood, adding to the number of people stranded in the labour market.

Meanwhile, experts are in agreement that it has huge impact on inflationary figures of the nation, because it creates chain reaction along the demand and supply chain, in addition to other consequences such as increase in crime rate. When markets are engulfed in fire, it creates ripple effects on the distribution line, affecting availability of items sold and reduction in supply, which triggers inflation.

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