It is not clear what triggered the fire but Myjoyonline's Nathan Gadugah saw an electric cable spark in the same area few minutes before the fire started.
A 'warehouse' where traders keep their goods was worst affected. Some traders had to break into their shops to salvage
Personnel from the fire service arrived with at least five of their tenders to douse the flames raging at a fast pace.
The personnel initially had challenges getting access to the fire given how narrow the place is. It took several minutes for the flames to be brought under control.
A fire Officer, Mr Odamtten told Myjoyonline.com they will quickly begin an investigation to ascertain the real cause of the fire.
He would not rule out the electrical fault but said a comprehensive investigation would have to be done to ascertain the true cause of the fire.
He said there were no confirmed casualties at the time but added they would have to clear the debris to know the extent of damage.
The fire happened just meters away from the Goil filling station which went up in flames on Wednesday in the midst of a thunderstorm.
Over 100 people lost their lives in that disaster.