Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed a bilateral agreement to eliminate double taxation, prevent tax evasion and strengthen investor confidence between both jurisdictions.
Gatekeepers News reports that the agreement was signed virtually on Monday 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 issued by the Federal Ministry of Finance, the treaty is aimed at eliminating the double taxation of income earned in both jurisdictions, curbing tax evasion and avoidance, and providing greater certainty for businesses and investors engaged in cross-border activities.
The ministry said the agreement forms part of Nigeria’s broader strategy to expand its network of tax treaties in order to promote trade, attract foreign investment and strengthen international tax cooperation.
Speaking during the virtual 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 treaty demonstrates 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 conducted virtually, it reflected the shared determination of both governments to deepen economic cooperation and create a more favourable environment for cross-border trade and investment.
Oyedele added that the agreement comes at a strategic time as Nigeria works to strengthen its participation in global value chains and expand economic partnerships across Asia.
He described Hong Kong as a leading international financial and commercial hub, expressing confidence that the tax treaty would encourage greater private-sector collaboration and unlock 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 aligns with international best practices while safeguarding the legitimate interests of both jurisdictions.
He further expressed appreciation to the Government of the Hong Kong Special Administrative Region and all stakeholders whose efforts contributed to the successful conclusion of the agreement.
