The article fills this critical gap in knowledge of the entire cost of artisanal refining of crude oil in the Niger Delta as it undertakes an economic valuation of the nonmarketable products that it harms. The main aims were to determine the key impacted environmental goods which included clean air, water and the mangrove ecosystems and to measure the economic and socio-health consequences. Using a mixed- method strategy the study involved the use of quantitative data collected through a Contingent Valuation Method (CVM) survey of 400 households with a survey of a sample size of 400 household members alongside qualitative data through focus group discussions and key informant interviews in Rivers and Bayelsa State affected communities. The results show that the environmental degradation is almost universal, as more than 95 percent of surveyed participants reported the presence of water contamination and poor quality of air. The study estimated a Willingness to Pay (WTP) of 5200 Naira per household per month on environmental remediation which was economically significant and its estimation was greatly affected by income, education and perceived health effects on the people. The health problems that were directly related to the degradation encompassed respiratory illnesses (75% prevalence) and skin diseases (68%) and loss of traditional livelihoods. The paper only arrives at the conclusion that the actual cost of artisanal refining is underestimated in the market. One of the recommendations is the creation of special environmental fund with the informed consent of this valuation to fund remediation and sustainable alternative livelihood programs. In this study, the author presents a solid economic rationale to support the policy makers to incorporate the value of nonmarketable goods in management and decision-making concerning the environment in the Niger Delta.