BEST APPROACH TO CALCULATE SOCIO-ECONOMIC COST OF ROAD TRAFFIC CRASH IN NIGERIA

Abstract

Socio-economic Cost of Road Traffic Crash in Nigeria is a study that look at a reasonable method of valuation of the Road Traffic Crash, as it fit and adjust to the peculiar case of the country Nigeria in view of availability of data, societal values and political views. The model adopts and reviewed is Human Capital Approach which consider many factors and variables such as tangible cost (damages; assets and properties)and intangible cost (injury to health, loss of quality of life,); tangible cost include property damages, medical bills, administrative costs etc, while intangible cost includes, lost output, human costs etc. The study therefore reviews this model, human cost to benefit the study area base on the peculiarity of it crashes and data available for evaluation which can be obtained from Federal Road Safety Corps, Hospitals and Police Report, and micro and macro-economic indices from CBN. The model will enhance the economic planning taking cognizance of the lost to road traffic crash.