ABSTRACT
Nigeria experiences the highest rate of road traffic accidents resulting in fatalities and various levels of injuries. In Benin Metropolis, (Benin-Auchi Road, Ugbowo Lagos Road, Aduwawa, and Apkakpava). Vehicular accidents with corresponding fatalities and injuries has a great impact on cost and the socio-economic development of the society. It is therefore necessary to gauge the monetary value of these losses in order to highlight the extent of damage incurred to the society as a whole.
This research is focused on using Gross-Output Model otherwise refer to as Human Capital Approach to compute the cost of traffic accident in Benin city Metropolis. The aim of this research is to estimate the total cost of road accidents at all levels of severity. The extent of injury levels, property damaged and general cost resulting from an accident using secondary data were obtained from the police, Research and Statistics department of the Federal Road Safety Corps (FRSC) for a period of fifteen years (2000-2015). The research was carried out with the aid of questionnaires and interview. The data collected were analysed using the percentage frequency distribution table and the result was used to cost the property damaged cost and the medical cost. The accident cost was decomposed and quantified based on the accident severity levels.
The accident cost was decomposed and quantified based on the accident severity levels. The cost per fatal accident is N24,853,524, the cost per of serious injuries accident is N633,520, and the cost of per minor accident is N1,057.36, the total human cost is N76,416,505,300, the total properties cost is N890,067,000, the police administrative cost is N65,446,757.76 and the total accident cost is N56,669,844,234. Therefore, the cost per vehicle per kilometer is N60,804.03/Km, the cost per kilometer is N318,369,911/Km for Benin Metropolis (Benin-Auchi Road, Ugbowo Lagos Road, Aduwawa, Apkakpava and environ).
