Babcock University in Ilisan Remo announced the launch of its groundbreaking statistical data analysis software, named VSP (ValueStats Statistical Package), on Friday.

This innovative tool was developed by Professor Enyi Patrick Enyi, a faculty member in the Accounting department and a skilled programmer.

During the unveiling ceremony, which also featured the launch of Professor Enyi's new book, Financial Modeling, the Vice-Chancellor, Prof Ademola Tayo, expressed his enthusiasm for this significant achievement.

He characterized the introduction of Africa's first locally produced statistical package as a moment of immense pride and a remarkable milestone for the continent.

Prof Tayo, who was represented by former Deputy Vice-Chancellor Prof Sunday Owolabi, further highlighted that this indigenous software is projected to save the nation an impressive $1 billion each year.

He said, “This is no doubt a historical event, a great moment of pride for Africans because this kind of product is the first on this continent.

“The VSP statistical package is special and peculiar in its own way. All the ones we had been using before Prof Enyi Patrick Enyi came up with this innovation are foreign, imported from China, Japan, and India among others but this VSP statistical package is produced in Nigeria and it’s far better.

“There are several modules that this statistical package contained which are not in those foreign ones. And using this accounting statistical package invented by this great scholar will save Nigerians at least $1bn because the users will be buying these packages in naira which is the equivalent of $40 and so it will help ease a lot of pressure on our forex.

“People should use this package, the students, lecturers, they can even go to the YouTube to learn more about the package and they should give us feedback to know what else to add in the next version.”

The Vice-Chancellor praised Enyi as an exceptional scholar and esteemed educator, encouraging him to persist in his mission to positively influence the world.

Davidson Alaribe, the President of the Institute of Chartered Accountants of Nigeria and the event's special guest of honor, commended Enyi for placing the institute and the accounting profession on a new global platform of excellence and innovation.

Represented by Prof. Godwin Oyedokun from Lead City University in Ibadan, Oyo State, Alaribe acknowledged Enyi's academic achievements and expressed the institute's commitment to supporting and collaborating with those dedicated to advancing excellence in the accounting field.

During the event, Enyi shared that his primary motivation was the desire to develop an accounting statistical package tailored to the unique characteristics of Nigeria's environment and the broader African context.

“This is the first time an African is producing a statistical package. Those we were using before like SPSS from America, EV from India, and Stata too from India, we have R among others but none ever developed in Africa.

“And we are doing this to make a difference, as an academic I have always been researching and most of my research is African but many times some of these foreign packages won’t give me the result that I want, so I began to think of that statistical package that will take our peculiarities into consideration

“In those other packages you have to learn how to code them to use them but this is our own, VSP has been made to be user-friendly. We have made it menu-driven such that the menu can suggest what you want to do and you pick it up and do whatever you want to do.

“For instance after doing your analysis in the VSP, it will automatically produce your graphs for you but in others like SPSS, EV or Stata, you will have to select the graph that you want.

“It took me two years to get the software developed…and talking about cost, an average SPSS which I was using before coming up with this innovation cost me about $280 then which must be renewed annually but this one is $40 which is about N60000 and you will continue to use this until maybe we develop another version. We shall be saving our country millions of dollars with this newly developed statistical package”, he said.

Enyi stated that this breakthrough serves as a testament to the potential of Africans to address their socio-economic challenges through authentic and collaborative efforts.