NGINX event logs send to F5 Data Collection Device and analysis from BIG-IQ it possible or not?

Hey Jewel_barua​  that is not possible as BIG-IQ is just for BIG-IP. Anyway you will not get any benefit out of this as any ELK deployment can be used for Nginx. Have you seen Nginx One as this is SaaS based Nginx Manager that provides analytics for Nginx? There is on-prem offering called Nginx Manager but the analytics may not be on the same level as Nginx One but I haven't played with the on-prem Manager myself.