The Federal Government of Nigeria and the Hong Kong Special Administrative Region of the People’s to Republic of China have signed a landmark Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, in a move aimed at strengthening trade, investment and economic cooperation between both jurisdictions.
The agreement was concluded during a virtual signing ceremony and was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while Mr. Christopher Hui, Secretary for Financial Services and the Treasury, signed on behalf of the Hong Kong Special Administrative Region.
Speaking at the ceremony, Oyedele described the agreement as a significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong. He said it reflects Nigeria’s commitment to building a transparent, predictable and investor-friendly tax system that supports trade, investment and sustainable economic growth.
The minister noted that although the ceremony was held virtually, its significance remained profound, as it demonstrated the shared commitment of both governments to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment.
According to him, the agreement comes at a strategic time as Nigeria continues to deepen its integration into global value chains and expand economic partnerships across Asia.
He described Hong Kong as a leading international financial and commercial hub as well as a gateway for investment and trade opportunities, expressing confidence that the treaty would encourage stronger engagement between the private sectors of both jurisdictions and unlock new opportunities for mutually beneficial partnerships.
Oyedele also commended the negotiation teams from Nigeria and Hong Kong for their professionalism, dedication and constructive approach throughout the negotiation process, noting that their efforts resulted in a balanced and forward-looking agreement that aligns with international best practices while protecting the legitimate interests of both parties.
He further expressed appreciation to the Government of the Hong Kong Special Administrative Region and all stakeholders who contributed to the successful conclusion of the treaty.
The agreement is designed to eliminate the double taxation of income earned across Nigeria and Hong Kong, prevent tax evasion and tax avoidance, and provide greater certainty for businesses and investors operating between the two jurisdictions.
It also forms part of Nigeria’s broader strategy to expand its network of tax treaties, enhance international tax cooperation, attract foreign investment and promote increased cross-border trade.
The Federal Ministry of Finance said the agreement is expected to strengthen economic ties between Nigeria and Hong Kong while supporting the country’s efforts to create a more competitive and investment-friendly business environment.
