COST-BENEFIT ANALYSIS OF AKURE-ILESA ROAD REHABILITATION PROJECT ON ROAD USERS

Abstract

This study investigated the Cost-Benefit Analysis of Akure-Ilesa road rehabilitation project in order to ascertain if the benefits outweigh costs. Benefit-Cost ratio was used to analyze data using the questionnaire method. The real costs before and after the rehabilitation project were also analyzed using Pearson correlation coefficient and Chi-Square Test. The result for Cost- Benefit Analysis showed that benefits outweigh costs since the Benefit-Cost ratio was gotten to be 1.91. The Correlation analysis showed that a positive relationship exists between the real costs variables which are travel time (r=0.783, p <0.05), armed robbery cases (r =0.813, p <0.05) and vehicle breakdown (r=0.952, p <0.05) before and after the rehabilitation of Akure-Ilesa road. Also, the study found out that there is no significant difference between accident scenes witnessed (χ2= 1.617, p > 0.05) before and after rehabilitation. Accident cases after rehabilitation has not decreased. The study concluded that the most significant benefit of Akure-Ilesa road rehabilitation to users is travel time savings and reduction rate in highway crime. Based on the research findings, it is recommended that the government should carry out more infrastructural projects to improve the welfare of citizens; there is need for more sensitization on the dangers of reckless driving through the media, billboards and other means; hospitals and emergency centres should be built along the road to render immediate medical care in event of accident occurrence; Akure-Ilesa road should be improved upon by installing streetlights to reduce the rate of accident occurrences while driving at night. In a country like Nigeria where energy resources are depleting, solar street light panels are highly recommended instead of electric streetlight which is competing with the insufficient electric power generated.