The Governor said all markets not selling essential commodities such as medical supplies, water, foodstuff amongst others should be closed.
Sanwo-Olu made this known during a live press conference on Tuesday.
The order is scheduled to take effect from Thursday, March 26 and it would last for seven days.
The Governor revealed that it is not a total lockdown of the State.
“It is not a total lockdown, we still want people on essential services to go about their normal activities. We are trying to de-centralise markets in Lagos.
“This is why we want to use some of our closed schools as markets, so people can buy food and medicine without going a long distance.
“It is only when you are alive that you can talk about economics and finance,” he said.
Currently, there are 42 cases of coronavirus in Nigeria, with most in Lagos.