Market Tragedy and Sustainability of Small Businesses in Lagos State, Nigeria
DOI:
https://doi.org/10.51137/wrp.ijarbm.657Keywords:
Economic Development, Market Disaster, Safety, Sustainability, Small BusinessAbstract
The study examines the impact of recurring market tragedies, fire outbreaks, and building collapses on the sustainability of small businesses in Lagos, Nigeria. The study employs a qualitative research methodology grounded in Contingency Theory. Secondary data sources, including scholarly literature, media reports, and government documents, are analysed comprehensively. The study illustrates the complex challenges faced by small enterprises operating within global urban ecosystems through a series of case studies drawn from local and international media coverage. It was found that the high frequency and widespread impact of fire incidents and related disasters significantly disrupt business continuity, resulting in substantial financial losses, which signals a pattern of repeated shocks to market-dependent livelihoods and long-term economic instability for small-scale entrepreneurs. Evaluating these critical issues, this research contributes to the discourse on urban-market challenges and small business sustainability in developing economies, thereby deepening economic vulnerability and providing social safety nets for affected traders. The analysis uncovers deficiencies in urban planning, lax enforcement of building regulations, and inadequate emergency response mechanisms as critical factors contributing to these market tragedies. Severe environmental consequences, including air and water pollution, soil contamination, and the release of toxic substances, are identified. These consequences increase health risks and ecological damage in affected areas. The study recommends enhancing infrastructure resilience, enforcing stricter building codes, and improving disaster preparedness, particularly for the focus city of Lagos, Nigeria.
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