Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China have signed a Nigeria Hong Kong tax agreement aimed at eliminating double taxation, preventing tax evasion and creating a more favourable environment for cross-border trade and investment.
The agreement was formalised during a virtual signing ceremony on Sunday, with Nigeria 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.
Speaking during the ceremony, Oyedele described the agreement as a significant step forward in strengthening the economic and commercial relationship between Nigeria and Hong Kong. He said the treaty reflects Nigeria’s commitment to building a transparent, predictable and investor-friendly tax system capable of supporting sustainable economic growth while encouraging international trade and investment.
According to the minister, although the signing was conducted virtually, its importance remains substantial because it demonstrates the shared determination of both governments to deepen economic cooperation and improve the environment for businesses operating across the two jurisdictions.
Oyedele noted that the agreement comes at a strategic time as Nigeria continues efforts to expand its participation in global value chains and strengthen economic partnerships across Asia. He described Hong Kong as one of the world’s leading financial and commercial centres, expressing confidence that the treaty would encourage stronger private-sector collaboration and unlock new investment opportunities that would benefit both economies.
The minister also commended the negotiating teams from Nigeria and Hong Kong for their professionalism and commitment throughout the discussions, noting that their work produced a balanced agreement consistent with international best practices while protecting the interests of both parties. He further appreciated the Government of the Hong Kong Special Administrative Region and other stakeholders whose contributions helped bring the negotiations to a successful conclusion.
According to a statement issued by the Senior Special Assistant on Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, Mrs. Mary-Ann Okon, the agreement is designed to eliminate double taxation on income earned in both jurisdictions while strengthening measures against tax evasion and tax avoidance.
The statement added that the treaty will provide greater certainty for businesses and investors by establishing a clearer tax framework for cross-border commercial activities. It explained that the agreement forms part of Nigeria’s broader strategy to expand its network of international tax treaties, attract more foreign direct investment, promote global tax cooperation and strengthen trade relations with key international partners.
