Nigeria, Hong Kong Sign Tax Treaty To Boost Investment, Prevent Double Taxation

Nigeria and the Hong Kong Special Administrative Region of China have signed an agreement aimed at eliminating double taxation on income and strengthening trade and investment ties between both jurisdictions.

 

The Agreement for the Elimination of Double Taxation on Income and the Prevention of Tax Evasion and Avoidance was signed during a virtual ceremony on Sunday.

 

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, signed on behalf of the Federal Government, while Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, represented the territory.

 

Oyedele described the agreement as a significant step in the growing economic relationship between Nigeria and Hong Kong, saying it would create a more transparent and investor-friendly tax environment.

 

According to him, the pact would support cross-border trade, attract investment and provide greater certainty for businesses operating in both economies.

 

He said the agreement came at a time when Nigeria was seeking deeper integration into global value chains and stronger economic partnerships with Asian markets.

 

The minister described Hong Kong as a major financial and commercial hub, expressing confidence that the treaty would encourage private sector participation and unlock new investment opportunities.

 

A statement signed by the minister’s Senior Special Assistant on Communications and Press Secretary, Mary-Ann Okon, said the agreement would prevent tax evasion and avoidance while ensuring businesses are not taxed twice on the same income.

 

The ministry added that the treaty forms part of Nigeria’s broader efforts to expand its network of tax agreements, promote international tax cooperation and boost economic relations with key global partners.