China's fixed-asset investment in railways was 850.6 billion yuan (about 117 billion U.S. dollars) in 2024, up 11.3 percent from the previous year, according to data released by the China State Railway Group Co., Ltd.
In 2024, a total of 3,113 kilometers of new railway lines were commissioned, of which 2,457 kilometers were high-speed railways.
By the end of 2024, China's railway operating mileage reached 162,000 kilometers, of which 48,000 kilometers are high-speed railways, marking a record achievement, according to China Railway.
Efforts focused on the construction of over 100 major railway projects, as well as projects for implementing major national strategies and building security capacity in key areas. Key projects included the commencement of constructing 17 new high-speed rail sections, such as the Yichang-Fuling line in southwest China's Chongqing Municipality.
Meanwhile, 42 projects were completed and opened to traffic. Additionally, feasibility studies for 20 new projects, including the Jiamusi-Tongjiang railway expansion in northeast China's Heilongjiang Province, were approved, paving the way for future development.
The year also saw significant progress in freight infrastructure. A total of 44 dedicated railway lines and 12 logistics bases were completed, further enhancing the sector's capacity to support economic growth.
China's fixed-asset investment in railways hits 117 billion USD in 2024
The renewal of the currency swap agreement between China and Nigeria will enhance bilateral trade and help strengthen Nigeria's local economy, said a Nigerian economist.
At the end of December, China's central bank said that it had renewed a bilateral currency swap agreement with the Central Bank of Nigeria.
The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or 3.28 trillion Nigerian naira, the People's Bank of China said in a statement.
The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.
The renewed currency swap agreement allows direct naira-to-yuan payments, cutting costs and easing the financial burden for importers like Martines Tochi.
For eight years, Tochi has relied on China for the supply of electrical cables, lighting equipment, and conductors.
Like many Nigerian traders, he once faced challenges in sourcing foreign exchange to pay suppliers
"Sincerely, we've been sourcing dollars from the black market. And we have been facing serious difficulties in sourcing them. Now, you're not going to source here in Nigeria, so it's a good development, a very good development to us," said Tochi.
Economists see this renewed agreement as a pathway to further strengthen the naira and expand bilateral trade.
"That's a very good opportunity for Nigeria to increase its trade volume with China, and it's one of the things that can help also, strengthen the local economy going by the kind of materials or goods that Nigeria imports from China -- electronics, machineries, equipment and what a view, which are essential for boosting industry, for enhancing the growth of our manufacturing sector and creating jobs in Nigeria at large," said Isaac Botti, an economist.
Nigeria is China's third largest trading partner in Africa, with bilateral trade amounting to 22.56 billion US dollars in 2023.
Renewal of currency swap deal boosts trade between China, Nigeria: economist
