Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed an agreement to eliminate double taxation on income, a move aimed at strengthening economic ties, promoting cross-border investment and tackling tax evasion. The agreement was signed during a virtual ceremony by the Minister of……
Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed an agreement to eliminate double taxation on income, a move aimed at strengthening economic ties, promoting cross-border investment and tackling tax evasion.
The agreement was signed during a virtual ceremony by the 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.
According to a statement by the Minister’s Senior Special Assistant on Communications and Press Secretary, Mary-Ann Duke Okon, the agreement marks a major milestone in the growing economic and commercial relationship between both jurisdictions.
Speaking at the ceremony, Oyedele described the pact as “another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong” and said it reflects Nigeria’s commitment to creating “a transparent, predictable, and investor-friendly tax environment that supports trade, investment, and sustainable economic growth.”
The minister noted that although the signing ceremony was conducted virtually, it underscored the commitment of both governments to strengthening economic cooperation and creating a more conducive environment for international trade and investment.
He said the agreement comes at a critical time as Nigeria continues to deepen its integration into global value chains and expand economic partnerships across Asia.
Oyedele described Hong Kong as “a leading international financial and commercial hub and a gateway for investment and trade opportunities,” expressing confidence that the treaty would encourage stronger private sector collaboration and unlock new opportunities for mutually beneficial partnerships.
He also commended the negotiating teams from both sides for their professionalism and dedication throughout the negotiation process.
According to him, their efforts produced “a balanced and forward-looking Agreement reflecting international best practice while safeguarding the legitimate interests of both jurisdictions.”
The minister further expressed appreciation to the Government of the Hong Kong Special Administrative Region and other stakeholders for their contributions to the successful conclusion of the agreement.
The treaty is designed to eliminate double taxation on income earned in both jurisdictions, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors operating between Nigeria and Hong Kong.
