Babcock University in Ilisan Remo, on Friday, introduced the first comprehensive and functional statistical data analysis software called VSP (ValueStats Statistical Package), developed by the university’s Professor of Accounting and programmer, Prof. Enyi Patrick Enyi.
The institution’s Vice-Chancellor, Prof. Ademola Tayo, expressed his overwhelming excitement about this groundbreaking achievement, calling the unveiling of Africa’s first homegrown statistical package a source of immense pride and a significant milestone for the continent.
Tayo made these remarks during the historic event where the software was unveiled, alongside the launch of a book titled Financial Modeling, authored by the same Professor of Accounting. The ceremony took place at the Babcock Business School Auditorium.
Represented by former Deputy Vice-Chancellor Prof. Sunday Owolabi, the Vice-Chancellor also mentioned that this locally-developed statistical package would help the country save an enormous $1 billion annually.
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 academic and respected educator, encouraging him to stay committed to his mission of making a positive impact on the world.
The President of the Institute of Chartered Accountants of Nigeria, Davidson Alaribe, who served as the special guest of honour at the event, praised Enyi for positioning both the institute and the accounting profession on another global stage for excellence and innovation.
Alaribe, represented by Prof. Godwin Oyedokun from Lead City University, Ibadan, Oyo State, commended Enyi for his academic achievements, noting that the institute will not only offer its support but also continue collaborating with those advancing excellence in the accounting field.
During his speech at the event, Enyi explained that the drive to develop an accounting statistical package tailored to Nigeria’s unique environment and African practices was his main source of inspiration.
“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 mentioned.
Enyi stated that this achievement demonstrates that with sincere and united efforts, Africans possess the ability to address their socio-economic issues.
