This study assessed the human health risk of exposure to legacy PAHs in the Nwaenebo River sediments that received effluents for over two decades from the Nigeria National Petroleum Corporation (NNPC) petroleum product Depot in Emene, Enugu, Nigeria. The study went further to estimate economic costs of the sediment PAHs pollution based on the human health risk of exposure. The human health risks were determined by estimating carcinogenic and mutagenic risks via Benzo[a]pyrene total potential equivalent (BaP TPE) and mutagenic equivalent quotient (MEQ). The economic costs of the sediment pollution comprised costs due to mortality and those due to morbidity and were estimated using the value of statistical lives (VSLs) and cost of illness (CoI), respectively. The study, with an appropriate selection of sampling points established that the NNPC petroleum Depot was responsible for the Nwaenebo River sediment PAHs pollution with ƩPAHs concentration 14.3–163 mg/kg. The carcinogenic and mutagenic risks varied from 1.3*10^-5 to 4.7*10^-5 and 1.4*10^-5 to 6.0*10^-5 respectively. Based on risk threshold of 10^-6, these risks were high. The long term economic costs of pollution of the sediments by the PAHs were estimated at 60.5 million USD and 0.46 million USD for mortality and morbidity costs, respectively.