Nigeria has signed a new agreement with the Hong Kong Special Administrative Region of China aimed at eliminating double taxation, preventing tax evasion, and creating a more favourable environment for businesses and investors operating in both jurisdictions.
The agreement was signed virtually on Monday by Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, and Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury.
According to Nigeria’s Ministry of Finance, the treaty is designed to ensure that individuals and businesses do not pay tax twice on the same income while also strengthening measures against tax evasion and tax avoidance.
The ministry said the agreement forms part of Nigeria’s broader plan to expand its network of international tax treaties, promote trade, attract foreign investment and improve cooperation on tax matters with other countries.
Speaking during the signing ceremony, Oyedele described the agreement as a major step forward in strengthening the economic relationship between Nigeria and Hong Kong.
He noted that the deal demonstrates Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax system capable of supporting sustainable economic growth.
The minister also said the agreement comes at a time when Nigeria is working to deepen its economic ties with Asian markets and integrate more effectively into global value chains.
Describing Hong Kong as one of the world’s leading financial and commercial centres, Oyedele expressed confidence that the agreement would encourage stronger private-sector collaboration and unlock new investment opportunities for both economies.
He also commended the negotiating teams from Nigeria and Hong Kong for reaching what he described as a balanced agreement that aligns with international best practices while protecting the interests of both parties.
The Federal Government believes the new tax treaty will improve investor confidence, reduce tax-related barriers to cross-border business and strengthen long-term economic cooperation between Nigeria and Hong Kong.
Source: Federal Ministry of Finance.
