The fire, which was believed to have been caused by an electrical spark, started on Wednesday morning and raged till afternoon.
The hours-long inferno was said to have destroyed food items such as rice, beans, drinks among others, in over 60 shops.
Confirming the incident, the Kwara State Fire Service Public Relations Officer, Malam Mohammed Kazeem, said an electrical spark could have caused the fire when electricity was restored in the market.
He said the fire was put out by the combined effort of firefighters and sympathisers.
Some of the traders who said they lost all their goods to the fire have appealed to the Kwara Government and llorin West Local Government to help them cushion the effect.
However, the Chairman of the Local Government, Alhaji Tajudeen Zulu-Oloje, has promised that the council will provide relief to the victims within the available resources.