North End managed to hang onto the 21-year-old who cost them a modest £100,000 from Bury, despite attracting Premiership attention.
And Nugent underlined his hefty price tag with a sensational display that took his tally to 12 goals for the season and left Wednesday still searching for their first win of the year.
It was Preston's fourth away win out of five as they showed off their promotion credentials with a high energy first half showing to overturn Wednesday's lead before stretching their advantage early after the restart.
Wednesday rocked the high-flying visitors by snatching the lead after just four minutes when Deon Burton grabbed his fifth goal of the season to justify the decision by manager Brian Laws to start him in favour of Steve MacLean.
Kenny Lunt started the move with a clever chip for Marcus Tudgay who chested into the path of strike partner Burton and he steadied himself before lashing a left-foot drive out of Andy Lonergan's reach.
But Wednesday's joy lastedjust two minutes before a stylish reply from the ambitious Preston side. Nugent burst down the left and wrong-footed rookie defender Mark Beevers.
Nugent's smart cross was headed down by Michael Ricketts and Brett Ormerod was perfectly placed to slot in a close-range shot.
Preston's three-pronged strikeforce almost produced another goal two minutes later when Ormerod's astute low cross was aimed for Nugent six yards out but Frankie Simek made a key interception.
Ricketts then powered through into the area leaving the Wednesday defence in his wake before seeing his towering header smack against the bar.
And when Nugent skipped between Tommy Spurr and the 17-year-old Beevers, keeper Mark Crossley blocked his shot and Nugent wasted the follow up.
Wednesday's lively response saw the home side go close again when a Chris Brunt corner broke to Glenn Whelan but he fired over the top.
Simek's smart free-kick was headed on by Lee Bullen before Tudgay's looping header forced a full-stretch save from Lonergan who tipped over and the keeper then pushed over a dangerous ball in from Wade Small.
But Preston had the last word seconds before the break when Nugent put his side in front with a blistering turn of pace from the halfway line that left Bullen trailing, before rifling a low shot under Crossley who should have done better.
And nine minutes into the second half it was Nugent who claimed his second of the afternoon when he bundled the ball over the line from point-blank range after Ormerod broke down the right and drilled in a low cross that needed the slightest of touches.