Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed a bilateral agreement to eliminate double taxation on income, a move expected to strengthen trade, attract investment and deepen 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 during a virtual ceremony on Monday.
Nigeria was represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while Hong Kong was represented by its Secretary for Financial Services and the Treasury, Mr. Christopher Hui.
According to a statement by the Federal Ministry of Finance, the treaty marks another significant milestone in the expanding economic and commercial relationship between Nigeria and Hong Kong.
It also reflects Nigeria’s commitment to promoting a transparent, predictable and investor-friendly tax regime that supports trade, investment and sustainable economic growth.
Speaking at the ceremony, Oyedele said the virtual nature of the event did not diminish its importance, noting that it underscored the shared determination of both governments to foster stronger economic cooperation and create a more favourable environment for cross-border commerce and investment.
He noted that the agreement comes at a critical period as Nigeria intensifies efforts to integrate into global value chains and broaden its economic partnerships across Asia.
Describing Hong Kong as a leading international financial and commercial hub, the minister expressed optimism that the treaty would encourage greater private sector collaboration and unlock new investment opportunities for businesses in both economies.
Oyedele also praised the negotiation teams from Nigeria and Hong Kong for their professionalism and commitment throughout the discussions, saying their efforts produced a balanced agreement that aligns with international best practices while protecting the interests of both parties.
He further conveyed the appreciation of the Federal Government to the Hong Kong Special Administrative Region and all stakeholders whose contributions made the successful conclusion of the agreement possible.
The treaty is expected to remove the burden of double taxation on income earned in both jurisdictions, strengthen measures against tax evasion and avoidance, and provide greater certainty for investors and businesses.
It also forms part of Nigeria’s broader strategy to expand its network of international tax treaties, enhance tax cooperation and position the country as a more attractive destination for foreign investment.
