A recent research by the Hogg Robinson Group (HRG) has ranked hotels in Lagos as the second most expensive in the world behind Moscow, which oligarchs and bling reputation, pushed to first on the ranking.
According to the results of a poll conducted in 50 cities worldwide, a hotel room in Lagos cost an average of £217.05.
The report claimed the high rate of hotel rooms in the state could be attributed to the 'high volume of inbound business travel connected with the oil industry'.
It added security concerns in the security forces travellers to stay in five-star accommodation.
Behind Lagos, in third place, was Geneva with rooms priced at an average of £215.92; the survey said that hotel prices across the Eurozone had 'either fallen or remained flat'.
The survey also found that prices of hotel rooms had increased in both Tokyo and Dubai as they recovered from last year's earthquake, tsunami and Arab Spring.
Done twice a year, the HRG research looks at hotel room prices for key business destinations.