A financial mathematics expert, Prof Obi-Nnamdi Agwuegbo, made this declaration.

Agwuegbo, a university don said given government’s analogue approach to development issues, it would amount to day-dreaming to expect Nigeria’s full potentials to be realised without application of statistical methods.

He spoke while delivering the 102nd Inaugural Lecture of the Federal University of Agriculture, Abeokuta, FUNAAB, titled “Statistical Reasoning: A Panacea for National Development” on Wednesday.

The inaugural event took place at the Prof Oluwafemi Balogun Ceremonial Hall on campus.

The renowned professor of Stochastic modelling from the Department of Statistics, College of Physical Sciences, COLPHYS, underscored the critical role of statistical reasoning in driving national development and realising Nigeria’s full potential.

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Prof Agwuegbo described statistical reasoning as a cornerstone for effective decision-making, enabling the transformation of raw data into actionable insights that can shape policies, drive innovation, and foster progress across sectors.

The professor was of the firm conviction that no field of research could attain scientific credibility without the application of statistical methods.

To him, statistical reasoning remained central to achieving reliability and efficiency, ranging from diagnosing diseases in healthcare to ensuring quality control in manufacturing.

He stated: “Without statistical interpretation, data is merely an unintelligible array of numbers. It is only through statistical reasoning that data becomes meaningful, guiding informed decisions and evidence-based conclusions.”

To enhance the impact of statistical thinking, the inaugural lecturer recommended the integration of statistical reasoning into all postgraduate programmes in the university.

He also canvassed the establishment of robust national data platforms capable of providing accessible, reliable datasets to support research, innovation, and development.

Agwuegbo, in addition, urged the universities and other institutions of learning to embed statistical literacy into their respective academic framework, stressing that such initiative would cultivate critical thinking and empower students to engage with data in meaningful and transformative ways.

FUNAAB Vice-Chancellor, Prof. Babatunde Kehinde, commended Prof. Agwuegbo for delivering an insightful and thought-provoking lecture.

Represented by the Deputy Vice-Chancellor (Academic), Prof. Olukayode Akinyemi, the university’s helmsman appreciated the lecturer’s remarkable academic contributions, including his role as an external examiner at the University of Ibadan and the University of Lagos.

He noted that Prof. Agwuegbo, a member of several professional bodies, including the Nigerian Statistical Association, NSA, International Biometric Society, IBS, American Statistical Association, ASA, and Professional Statisticians Society of Nigeria, PSSN, has published over 40 scholarly articles in reputable local and international journals.

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The title of the lecture is “Statistical Reasoning: A Panacea for National Development.”

Agwuegbo is a professor of Stochastic Modelling of the Department of Statistics, College of Physical Sciences, COLPHYS, at the university.

The event is scheduled to commence 2 p.m. at the Prof. Oluwafemi Balogun Ceremonial Building on the campus.

To chair the event is the Vice-Chancellor of the institution, Prof. Olusola Babatunde Kehinde, who doubles as the Chief Host.

The Inaugural Lecture will offer a unique opportunity to the Financial Mathematics Expert to espouse his four  decades of academic prowess and research depth in the area of Stochastic Modelling which is a tool for dealing with uncertain or unforseen events in real life and business situations which are classified as risks.

Agwuegbo is expected to also veer into aspects of dynamical systems in astrology and numerology as well as Stochastic Processes and Time Series in the fields of economics, insurance and finance.

Agwuegbo who clocks 63 on June 29, 2025, is the son of late Engr. Samuel Emenike Agwuegbo and Mrs. Ezim Eunice Agwuegbo (Nee Mgbemena) from Umuota-Village, Obosi, Anambra State.

The fourth child in a family of five, he had his education immediately after the civil war at Central School, Onitsha, Anambra State from 1971-1974 where he obtained his first school-leaving certificate.

He later bagged his West African School Certificate in 1979 at Community Secondary School, Obosi, Anambra State.

He worked briefly as an auxiliary teacher from 1980-1981, before proceeding to the University of Nigeria, Nsukka in 1981 and graduated in 1985 with a Bachelor of Science (B.Sc Hons.) in Statistics.

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He underwent his National Youth Service Corp, NYSC, scheme at the Cocoa Research Institute of Nigeria, CRIN, Ibadan, under the Agronomy Department as a Research Assistant.

In 1986 after NYSC, he started work at the Nigerian Reinsurance Corporation as a Research Statistician after which he secured admission for Postgraduate Studies in Statistics at University of Lagos (UNILAG), Akoka in 1991.

Alongside his postgraduate programme, he worked with BIFEX Consult as a Principal Consultant Statistician after which he secured an appointment in Delta State University Satellite Campus in Anthony, Lagos as a part time lecturer from 1997-2000.

Prof. Agwuegbo joined FUNAAB in 2000 as Asst. Lecturer in the Department of Mathematical Sciences.

He bagged a PhD in Statistics in 2010 and is currently a Professor of Stochastic Modeling at the Department of Statistics, with more than 40 journal articles in Stochastic Processes, Time series and Multivariate Analysis.

His research focus is on modelling complex behaviour of large dimensional state space in the field of economics, insurance and finance.

Prof. Agwuegbo teaches courses in Statistics at both undergraduate and postgraduate levels.

He successfully introduced and sustained the use of softwares into teaching of Statistics courses during his period as Head, Department of Statistics.

This effort immensely helped to reposition the students towards acquisition of practical skills in data analysis and by extension preparing them for future challenges after graduation.

He has won research grants, supervised many PhDs and Masters Students.

He is a member of several professional bodies including the Nigeria Statistical Association, NSA, International Biometric Society, IBS, American Statistical Association, ASA, and the Faculty of Risk Management, FARIM.

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