OPPORTUNITY COST APPROACH EVALUATION OF URBAN TRAFFIC CONGESTION COSTS AT ORLU-ROAD BY WAREHOUSE INTERSECTION IN OWERRI METROPOLIS

Abstract

This study estimated the economic cost of urban traffic congestion trip-time delay and extra vehicle operating cost at the Orlu-road by warehouse intersection in Owerri Metropolis, Imo state, Nigeria. Adopting the survey research design in which both questionnaire and observation of traffic (traffic count) were used as instruments of data collection, the study used the Willingness to Accept (WTA) method to estimate the opportunity cost of traffic congestion trip-time delay as the value which motorist attached to the extra travel time spent in congestion at the intersection. The extra vehicle operating cost was estimated using data obtained from the traffic count, the prevailing fuel cost in Nigeria and mathematical models derived from multiple literatures reviewed in the study. It was found that the aggregate economic cost of traffic congestion trip-time delay and extra fuel cost to the economy of Imo state runs into billions of naira for trip-time delays experienced