Lagos State governor Babajide Sanwo-Olu announced N2 billion Abule Ado/Soba Emergency Relief Fund had been set up for the victims.
Sanwo-Olu made the disclosure while speaking with stakeholders and journalists at the explosion site.
He said the state governments have donated N250m to the fund and solicited for support from all Nigerians including private sectors.
Sanwo-Olu said a committee headed by the deputy governor, Dr Kadiri Hamzat, had been set up to look into the cause of the incident.
He gave the committee two weeks to submit its report on the explosion that claimed about 15 lives and many properties lost on Sunday, March 15.
According to Sanwo-Olu, the fund will be used to pay medical bills of victims, support displaced citizens among others.
He said in less than 90 days to the new year, the state government is already battling two emergencies which were not planned and budgeted for and has made soliciting supports from well-meaning citizens inevitable.
Sanwo-Olu said bank accounts had been opened with Polaris Bank, 4030017510 Zenith Bank 10171845716, GT Bank 0568615688 for concerned Nigerians and organizations to make donations.
After taking an on the spot assessment of the scene of the Abule Ado explosion site, Sanwo-Olu described the environ as a war-torn zone.
He said he would be with the President Muhammadu Buhari later on Monday to brief him on the magnitude of damage caused by the explosion.
Sanwo-Olu implored the residents to move away from the area while rescue operations continue.