A floor in the building is being used as a school and pupils were in their classrooms when the building caved in.
Officials of the Lagos State Emergency Management Agency (LASEMA) and other rescue official are currently at the scene.
Some of the rescuers are finding it difficult to gain access into the building.
In a statement, Adebayo Kehinde, spokesman of LASEMA, said many of the victims were brought out alive.
“The search and rescue operation is presently ongoing with so many victims rescued alive from the collapsed building through combined efforts of LASEMA and other emergency responders such as the Lagos State Ambulance Service, Lagos State Fire Service, Lagos State Building Control Agency, Federal Fire Service,” he said.
“Others include National Emergency Management Agency, Nigeria Police Force, Rapid Response Squad, Nigeria Security and Civil Defence Corps. Nigeria Red Cross Society, Lagos State Neighborhood and Safety Corps.
“The exercise is being coordinated by the General Manager Lagos State Emergency Management Agency Mr. Adesina Tiamiyu with the deployment of heavy and light rescue equipment from LASEMA and its stakeholders.”