An eyewitness who confirmed the case to Channels Television said the fire started after a truckload of mattresses caught fire on Thursday.
Efforts are in place to contain the spread of the inferno as several shops and cars parked close to the market have been burnt.
Some angry youths in the area attacked the firefighters for getting to the scene very late.
The firefighters, however, went back to reinforce a stronger team before they started to put out the fire.
The Muda Lawan market is one of the major and oldest markets in the state capital.
The fire outbreak is coming less than twenty-four hours after several goods worth millions of naira were razed in the popular Ekotedo market in Ibadan, the Oyo state capital.
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