Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China have signed a landmark agreement to eliminate double taxation, a move expected to boost cross-border trade, attract investment, and strengthen economic cooperation between both jurisdictions.
The Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance was signed virtually on Monday by Nigeria’s Honourable 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.
Speaking during the virtual signing ceremony, Oyedele described the agreement as a major milestone in the growing economic and commercial relationship between Nigeria and Hong Kong, saying it reinforces Nigeria’s commitment to creating a transparent, predictable, and investor-friendly tax environment.
“This Agreement is another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong. It reflects Nigeria’s continued commitment to building a transparent, predictable, and investor-friendly tax environment that supports trade, investment, and sustainable economic growth,” he said.
The minister noted that although the ceremony was held virtually, its significance remained profound, reflecting the shared commitment of both governments to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment.
“Although we are meeting virtually today, the importance of this occasion is no less profound. It underscores our shared commitment to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment,” Oyedele stated.
He said the agreement comes at a strategic time as Nigeria continues to deepen its integration into global value chains and expand economic partnerships across Asia.
Describing Hong Kong as one of the world’s leading international financial and commercial hubs, the minister expressed optimism that the treaty would facilitate stronger private sector engagement and unlock new investment opportunities.
“The conclusion of this Agreement is particularly timely as Nigeria continues to deepen its integration into global value chains and expand its economic partnerships across Asia. Hong Kong remains a leading international financial and commercial hub and a gateway for investment and trade opportunities,” he said.
“I am confident that this treaty will facilitate increased engagement between the private sectors of both jurisdictions and open new avenues for mutually beneficial partnerships.”
Oyedele also commended the negotiation teams from Nigeria and Hong Kong for their professionalism and commitment throughout the process.
“I wish to commend the negotiation teams from both sides for their professionalism, dedication, and constructive spirit throughout the negotiation process. Their efforts have produced a balanced and forward-looking Agreement that reflects international best practice while safeguarding the legitimate interests of both jurisdictions.”
The minister expressed appreciation to the Government of the Hong Kong Special Administrative Region and all stakeholders whose contributions made the agreement possible.
“On behalf of the Government and people of the Federal Republic of Nigeria, I extend our sincere appreciation to the Government of the Hong Kong Special Administrative Region and to all stakeholders who contributed to the successful conclusion of this Agreement.”
According to the Federal Ministry of Finance, the treaty is designed to eliminate the double taxation of income earned across both jurisdictions, prevent tax evasion and tax avoidance, and provide greater certainty for businesses and investors operating between Nigeria and Hong Kong.
The ministry said the agreement forms part of Nigeria’s broader strategy to expand its network of tax treaties, strengthen international tax cooperation, attract foreign investment, and promote sustainable economic growth.