Nigeria and the Hong Kong Special Administrative Region of China have signed an agreement to eliminate double taxation and prevent tax evasion, in a move expected to strengthen trade ties and improve investor confidence.
The agreement was signed virtually on Monday by Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on behalf of Nigeria, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui.
A statement by the Ministry of Finance said the agreement would remove instances of income being taxed in both jurisdictions, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors operating between Nigeria and Hong Kong.
The ministry described the deal as part of Nigeria’s wider effort to expand its tax treaty network, promote trade, attract investment and deepen international tax cooperation.
Speaking at the signing ceremony, Oyedele described the agreement as an important milestone in the economic relationship between Nigeria and Hong Kong.
He said the treaty reflected Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax system that supports trade, investment and sustainable economic growth.
According to the minister, although the ceremony was conducted virtually, it demonstrated the shared commitment of both jurisdictions to improving economic cooperation and creating a more favourable environment for cross-border trade and investment.
Oyedele said the agreement came at a crucial period as Nigeria seeks to strengthen its participation in global value chains and expand partnerships across Asia.
He described Hong Kong as a major international financial and commercial centre, expressing optimism that the agreement would encourage greater private sector participation and open new opportunities for mutually beneficial partnerships.
The minister also praised the negotiating teams from both sides for reaching what he described as a balanced and forward-looking agreement that reflects international best practices while protecting the interests of both jurisdictions.
Oyedele appreciated the government of the Hong Kong Special Administrative Region and other stakeholders involved in concluding the agreement.
