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Growth In Oil Sector GDP Contribution Shows NNPC Strategies Working

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Growth In Oil Sector GDP Contribution Shows NNPC Strategies Working—–Ukpe Philip

The strategies adopted by Nigeria’s wealthiest and most profitable company, the Nigerian National Petroleum Company Ltd (NNPCL) to ramp up crude oil production has again proven to be effective after a surprise 3.19 per cent growth in Nigeria’s Gross Domestic Product (GDP) which defied expert projections.

The GDP figures released by the National Bureau of Statistics (NBS) showed that the Crude Petroleum and Natural Gas (oil sector) was the fifth largest contributor to the GDP in the second quarter of 2024, accounting for 5.70 per cent of total GDP which was measured at 3.19 per cent.

The oil sector is a crucial part of the Nigerian economy and it is evident that the economy driven by growth in the oil sector and service industry is returning to the good old days when Nigeria’s GDP grew sustainably.

Since 2020, when Nigeria’s economy has slipped into recession, the oil sector has been struggling with negative growths of -8.89 per cent in 2020, -8.30 per cent in 2021 and -19.22 per cent in 2022.

But the rate of decline decelerated drastically in 2023 to -2.22 per cent in 2023 full year which signalled great relief for the economy and the country is expected to experience a full year growth in the oil sector for the first time since 2019 when the sector recorded 4.59 per cent growth.

Growth in the oil sector has a huge implication for the Nigerian GDP because the economy is an oil economy. A clear instance is that in 2020, when the sector fell -8.89 per cent, GDP also fell -1.79 per cent.

The game has changed in 2024 as efforts by the NNPC led by the Group Chief Executive Officer, Mele Kyari, to increase oil production is translating to growth in the sector and, by extension an improved GDP performance.

In the second quarter of this year, NBS measured average oil production at 1.4 million barrels per day compared to 1.22mbpd production in the corresponding period of 2023.

According to the NBS, the real growth of the oil sector in Q2 2024 was 10.15 per cent annualised, indicating an increase of 23.58 per cent points relative to the rate recorded in the corresponding quarter of 2023 where negative growth of -13.43 per cent was recorded.

This drove the sector to contribute 5.70 per cent to the total real GDP in the second quarter of 2024 which is a rise from the figure recorded in the corresponding period of 2023 when the sector accounted for 5.34 per cent of GDP.

The NBS emphatically said, “The nation in the second quarter of 2024 recorded an average daily oil production of 1.41 million barrels per day higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 0.19 mbpd.”

The Petroleum Industry Act (PIA) of 2021 empowers the NNPC to ensure energy security for Nigeria through increased crude oil output among others, and this has huge implications for the economy.

Nigeria’s journey towards energy security faced great obstacles when crude oil output plummeted to 900,000 barrels per day in late 2022 due to theft, pipeline vandalism, and inadequate metering.

Consequently, the oil sector equally witnessed -19.22 percent negative growth in 2022 while the GDP growth fell to 3.10 percent compared to 3.40 percent in 2021. This showed a direct correlation between the performance of the oil sector and the GDP.

To rescue the economy which is largely dependent on oil, Kyari-led NNPC embarked on a massive campaign that united the security agencies, the NNPCL, Nigerian Upstream Petroleum Regulatory Commission and host communities to fight oil theft in the oil-rich Niger Delta.

The NNPC Ltd also awarded a pipeline surveillance contract to Tantita Security Services, which has led to the arrest of several vessels stealing Nigerian crude.

In July 2023, Tantita Security Services working in collaboration with NNPC discovered over 60 illegal connections to the trans-Escravos, trans-Forcados, and other major trunk lines by oil bunkDeltaBayelsa states.

In January 2024, the fight led to the interception of MT Kali, an illegal crude oil vessel loaded with thousands of metric tonnes of crude oil. About 20 crew members, including community collaborators, were arrested.

Another success was achieved in June 2024 as the NNPC uncovered an additional 165 illegal refineries in various locations across the Niger Delta, while 65 illegal connections were discovered and disconnected in Bayelsa and Rivers States.

In May, NNPC uncovered 122 illegal refineries at Tomble II, III, IV, Umuajuloke, Rivers State as well as Oporomor III, Eduwini, and Ajatiton in Bayelsa State, all in the Niger Delta region.

Aside from investments in oil, the NNPC has also shown commitment by investing in critical midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and economic prosperity of the country.

Without a doubt, NNPC’s effort is helping the Nigerian government shake up the economic pressure on the government and different sectors of the economy.

As of May 2024, crude oil production rose to 1.7mbpd, according to Kyari who linked the rise in oil output to the firm’s fight against crude oil theft and vandalism as well as massive investment in the sector.

Financial analysts at United Capital Research said that due to improved crude production, net exports are expected to be the primary growth drivers, with rising oil export volumes due to improved security in the Niger Delta.

“We align with the International Monetary Fund’s (IMF) projection that Nigeria’s real GDP will increase modestly to 3.1 percent in 2024. In the oil sector, the Nigerian economy is set to benefit from favorable developments, offering positive momentum in 2024,” the firm said in a recent report.
Ukpe writes from Abuja

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BREAKING: After 23 Years Cristiano Ronaldo Announces Retirement From International Football

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BREAKING: After 23 Years Cristiano Ronaldo Announces Retirement From International Football—-The Portugal captain brings an extraordinary international career to an end after announcing he will hand over the iconic No. 7 shirt following the November international break, leaving behind 234 appearances and a record 146 goals.

Football legend Cristiano Ronaldo has officially announced his retirement from international football, bringing the curtain down on an illustrious 23-year career with the Portugal national team.

The 41-year-old forward confirmed his decision on Thursday, November 5, 2026, through an emotional video message shared on his social media platforms, revealing that he will hand over Portugal’s iconic No. 7 shirt after the November international break.

Ronaldo’s announcement marks the end of one of the most remarkable international careers in football history, having represented his country since making his senior debut in August 2003.

In his farewell message, the five-time Ballon d’Or winner reflected on the privilege of representing Portugal for more than two decades.

“The day has come to hand back the number 7 shirt of our national team,” Ronaldo said, acknowledging the responsibility and pride that came with wearing the famous jersey for 23 years.

Ronaldo Retires as International Football’s Greatest Goalscorer

Ronaldo leaves international football holding the records for the most appearances and goals in men’s international history.

The Al-Nassr forward made 234 appearances for Portugal, scoring an extraordinary 146 goals during his 23-year international journey.

His remarkable numbers place him at the summit of international football, having consistently delivered goals and memorable performances across multiple generations of the Portuguese national team.

He also represented Portugal at six FIFA World Cups and became the first player to score at five different editions of the competition.

Euro 2016 Triumph Remains His Greatest International Achievement

One of the defining moments of Ronaldo’s international career came in 2016 when he captained Portugal to their first-ever European Championship title.

Despite being forced off through injury during the final against France, Ronaldo remained involved from the sidelines as Portugal secured a historic 1–0 victory after extra time through Éder’s memorable goal.

He subsequently guided Portugal to UEFA Nations League glory in 2019 and again in 2025, adding two more major international honours to his collection.

Those achievements cemented his legacy as one of the most influential figures in Portuguese football history.

A Difficult Final Chapter for the Portugal Captain

Ronaldo’s announcement comes after a turbulent period surrounding his relationship with Portugal head coach Jorge Jesus.

The forward’s final chapter with the national team had attracted considerable attention following reports of disagreements during the previous international window.

However, his decision to retire brings an end to a career that has been defined by extraordinary achievements, individual records and an enduring commitment to representing his country.

Ronaldo’s Club Career Continues at Al-Nassr

Although his international journey is coming to an end, Ronaldo has not announced his retirement from professional football.

The Portuguese superstar remains contracted to Saudi Arabian club Al-Nassr, where he continues to pursue further goals and trophies at club level.

His international retirement will allow Portugal to begin preparing for life without their long-serving captain, while the responsibility of wearing the iconic No. 7 shirt will eventually pass to another generation.

End of an Extraordinary Era

For more than two decades, Ronaldo carried the hopes of an entire nation, delivering unforgettable goals, historic victories and moments that helped transform Portugal into a major force in international football.

From his emotional debut in 2003 to lifting the European Championship trophy in 2016, his journey with the national team has been filled with remarkable milestones.

Now, at 41, one of football’s greatest careers at international level is reaching its conclusion.

Cristiano Ronaldo’s Portugal legacy:

  • International appearances: 234
  • International goals: 146
  • Major trophies: Euro 2016, UEFA Nations League 2019 and 2025
  • International career: 2003–2026
  • World Cups: Six appearances

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The Modern Agent’s Guide to Real Estate Leads (Without Losing Your Mind or Budget)

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If you ask ten different agents how they find new clients, you’ll probably get ten different answers, and half of them will sound exhausting. One person swears by cold calling strangers at dinner time, another spends thousands a month on digital ads that yield window shoppers, and a third insists you need to dance on social media five times a day.

It is no wonder so many agents feel burned out before lunch.

If you are tired of throwing money at platforms that do not deliver, or if you simply want a saner way to grow your business, you are in the right place. Effective lead generation for real estate does not require a massive marketing budget or a 24-hour hustle mentality. It requires a clear strategy, a bit of consistency, and a shift in focus from collecting random names to building actual human connections.

Here is how you can build a modern lead generation machine without losing your sanity—or your hard-earned savings.


Step 1: Fix Your Foundation (Your Current Sphere)

Before you spend a single dollar on outside advertising, look at the people who already know your name. Too many agents chase cold leads while completely ignoring past clients, friends, family, and local acquaintances.

Your past clients and personal network are your highest-converting assets. They already trust you, which means you do not have to spend weeks convincing them you know what you are doing.

Instead of sending generic holiday postcards or automated newsletters that end up in the spam folder, try reaching out with genuine value. Send a quick text to ask how they like their backyard during the summer, or email a hyper-local market update focusing only on their specific neighborhood. Consistency matters here. When you stay top-of-mind in a helpful, non-pushy way, you become the obvious choice when someone asks them for a recommendation.

Step 2: Choose Your Channel (And Ignore the Rest)

The biggest trap in modern real estate marketing is shiny object syndrome. Every week, a new software, a new social platform, or a new guru promises that this is the secret to instant pipelines.

Stop trying to do everything. You cannot be everywhere at once, and trying to master Instagram, TikTok, LinkedIn, YouTube, direct mail, and geo-farming all at the same time is a recipe for burnout.

Pick one or two channels that genuinely fit your personality and strengths:

  • If you love writing and explaining things: Start a local blog or a weekly email newsletter highlighting hidden gems in your town, local restaurant openings, and realistic market trends.
  • If you are comfortable on camera: Lean into short-form or long-form video to show neighborhood tours and answer common buyer questions.
  • If you prefer face-to-face interaction: Focus on local networking, volunteering, or community events.

When you focus on just a couple of avenues, you can put your actual energy into making them good instead of spreading yourself too thin.

Step 3: Shift from “Selling” to “Solving”

Nobody wakes up in the morning thinking, “I really want to talk to a salesperson today.” People care about their own problems—moving closer to family, finding a better school district, downsizing after retirement, or figuring out how to buy a home when interest rates feel intimidating.

Effective lead generation for real estate isn’t about pitching your services. It’s about positioning yourself as a problem solver.

When you create content or talk to prospective clients, address their actual friction points. Put together a simple, honest guide on what it takes to buy a fixer-upper in your market. Record a short video explaining what happens to property taxes after a purchase. Answer the questions people are too embarrassed to ask their lenders or agents.

When you make your marketing genuinely educational and useful, you attract informed, motivated people who already respect your expertise before you even hop on a call.

Step 4: Master the Art of the Follow-Up

You can have the best marketing funnel in the world, but if your follow-up process is messy, your efforts will fall flat. Many leads do not buy or sell immediately. They might be six months—or two years—away from making a move.

Most agents give up after two or three attempts. They make a call, send an email, get no response, and write the lead off as dead.

A sustainable follow-up system doesn’t mean harassing people until they block your number. It means setting up gentle, long-term touchpoints. Use a CRM to remind yourself to check in when something relevant happens—like a drop in interest rates, a change in local inventory, or even just a birthday. Treat your pipeline like a garden: you plant the seeds, water them consistently, and give them time to grow.

Step 5: Protect Your Budget

It is remarkably easy to hemorrhage money on digital ads that generate low-quality inquiries. If you decide to use paid advertising, treat it like an experiment rather than a magic wand.

Start with a very small budget. Track your return on investment ruthlessly. If you spend $500 on ads and get a dozen leads who only want to waste your time or cannot qualify for a mortgage, stop spending that money.

Organic methods—like community involvement, strategic partnerships with local businesses (like home inspectors, mortgage brokers, or contractors), and nurturing your database—often cost nothing except your time, yet they yield much higher quality clients in the long run.


Finding Balance in a Fast-Moving Industry

Real estate is a demanding career, and it is entirely too easy to let your work consume your entire life under the guise of “hustling for leads.”

True long-term success comes from building predictable, sustainable habits rather than running yourself ragged chasing every new trend. Focus on helping people, keep your expenses reasonable, and remember that building a real estate business is a marathon, not a sprint.

Take a deep breath, pick a strategy that feels authentic to who you are, and start there. Your sanity—and your bank account—will thank you.

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