Nigeria, Hong Kong Sign Double Taxation Treaty to Boost Trade, Investment

Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People's Republic of China have signed a landmark Agreement for the Elimination of Double Taxation on Income and the Prevention of Tax Evasion and Avoidance, a move expected to strengthen trade, investment and economic cooperation between both jurisdictions.

The agreement was signed during a virtual ceremony on Sunday by Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele and Hong Kong's Secretary for Financial Services and the Treasury, Mr. Christopher Hui.

The treaty is designed to remove the burden of double taxation on income earned across both jurisdictions, prevent tax evasion and avoidance and provide greater certainty for businesses and investors operating in Nigeria and Hong Kong.

Speaking at the signing ceremony, Oyedele described the agreement as a significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong.

He said the pact reflects Nigeria's commitment to building a transparent, predictable and investor-friendly tax system capable of supporting increased trade, attracting investment and driving sustainable economic growth.

According to the minister, although the agreement was signed virtually, its importance extends far beyond the ceremony itself.

"The significance of this agreement is profound as it reflects our shared commitment to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment," Oyedele said.

The finance minister noted that the agreement comes at a critical period as Nigeria intensifies efforts to integrate more deeply into global value chains while expanding strategic economic partnerships across Asia.

He described Hong Kong as one of the world's leading financial and commercial centres, expressing confidence that the treaty would encourage stronger private-sector collaboration and unlock fresh opportunities for mutually beneficial investments.

Oyedele also commended the negotiating teams from both jurisdictions for producing what he described as a balanced agreement that protects the legitimate interests of Nigeria and Hong Kong while remaining consistent with international tax standards.

He further thanked the Government of the Hong Kong Special Administrative Region and other stakeholders whose contributions made the agreement possible.

According to a statement issued by the Senior Special Assistant on Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, Mrs. Mary-Ann Okon, the agreement is expected to provide greater certainty for investors by eliminating the risk of being taxed twice on the same income in both jurisdictions.

The statement said the treaty will also strengthen measures against tax evasion and avoidance while supporting transparent tax administration and international cooperation.

It added that the agreement forms part of Nigeria's broader strategy to expand its network of international tax treaties, attract more foreign direct investment, promote international tax cooperation and enhance trade with key global economic partners.

Officials believe the agreement will improve investor confidence by reducing tax-related barriers to doing business and creating a more stable framework for companies seeking to invest or expand operations between Nigeria and Hong Kong.