A woman cries as the body of a child is recovered.
The building was located on the Ita-faji on Lagos Island, the oldest part of the city.
Babajide Sanwo-Olu, Governor-Elect of Lagos State, tweeted @jidesanwoolu: "My deep condolences to the families of the children who lost their lives as a result of the unfortunate building collapse at Itafaji".
"Nigeria's infrastructure is generally less than half the size than in the average sub-Saharan Africa country and only a fraction of that in emerging market economies", the report said. But another child was pulled out and slung over a rescuer's shoulder, limp and dangling.
Nigeria's president, Muhammadu Buhari said in a statement on Wednesday evening that he was "deeply saddened" by the building collapse.
Residents are continuing the search convinced there are more bodies under the rubble
He said that the team will also visit victims at the hospital.
The list of survivors, obtained by SaharaReporters on Wednesday evening, contains 41 names, five of whom are unnamed.
"The deputy governor is in the hospital actually taking care of those that were rescued and taken to the hospital most especially the children". The structure, which contained a primary school, at 63 Massey Street, Itafaaji, Lagos Island, came crashing down around 10:00 a.m. Residents disclosed that there were visible cracks running down the back of the building.
"Also many of these buildings are not well constructed".
"The government should be strict in enforcing its building codes and regulations", he added.
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"It will be wicked of us to wait until calamity happens before government, institutions, professionals or individuals, can start to look for preventions".
Residents said seven children have been rescued from the wreckage of a building that collapsed in Nigeria's commercial capital of Lagos on Wednesday.
"The collapsed building had been marked for demolition about three times, but the building regulatory agency has not demolished it".
"I'm surprised that the house and a couple of others which had been marked for demolition were left standing". He said that with general elections over, government must rein in unscrupulous developers and pull down hundreds of defective buildings.
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"Something similar happened around here past year. I don't know how long it has been", she said, as her eyes filled with tears.
He also appealed to residents to voluntarily donate blood not only for victims who urgently required blood but also to improve the blood bank in the state.
It is estimated numerous victims remain underneath the ruin, Akinwunmi Ambode, the state governor told reporters at the scene.
She was taken to the General Hospital, where she died after efforts by the medicals to save her proved abortive.
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