Abstract:
The cost of corrosion has been increasing drastically due to the degradation of metallic materials. This study was carried out to estimate the “Cost of Corrosion of Metallic Products in Federal University of Agriculture, Abeokuta(FUNAAB)”. Questionnaires were administered and interviews were also conducted to gather necessary information. The cost of corrosion from 2013-2015 was estimated and analyzed with the aid of engineering economy method and statistical analysis method. For the cost of corrosion prevention methods, cleaning gave the highest cost contribution (69%), followed by the use of oil (30%), use of grease (1%), and painting gave zero percent of the total cost. While on the cost of corrosion maintenance methods, repair gave the highest cost contributions (66%), and prevention gave (34%) of the total cost. The overall cost of corrosion from (2013-2015) gave an upward trend, but a downward trend in future value and the annualized value. While the forecast cost from (2013-2016) at (95%) confidence level and (5%) significance level gave an upward trend. The present value, future value, and annualized value from (2013-2016) increased by (66%, 43%, and 75%) respectively. The total cost and the total annualized value of corrosion from (2013-2015) were estimated to be N 166,955,641 and N 93,791,024, and with the forecast (2013-2016) were found to be N277,650,388 and N 163,672,460 respectively. Under the corrosion prevention methods and corrosion maintenance methods, cleaning and repair gave highest cost contribution respectively. Corrosion prevention methods need to be added to bring down the repair cost of those facilities for saving cost
