Nigeria, Hong Kong sign tax treaty to end double taxation, strengthen investor confidence

NIGERIA has signed a double taxation agreement with the Hong Kong Special Administrative Region of the People’s Republic of China, a move aimed at eliminating double taxation, preventing tax evasion and creating greater certainty for businesses and investors operating in both jurisdictions.

The agreement was signed virtually on Monday by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, representing their respective governments.

According to a statement from the Ministry of Finance, the treaty seeks to prevent the double taxation of income earned in Nigeria and Hong Kong while addressing tax evasion and avoidance. It is also intended to provide a more predictable tax framework for companies and investors with cross-border operations.

The ministry said the agreement forms part of Nigeria’s broader strategy to expand its network of tax treaties in order to promote trade, attract foreign investment and deepen international tax cooperation.

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Speaking during the virtual signing ceremony, Oyedele described the agreement as an important milestone in the growing economic and commercial ties between Nigeria and Hong Kong. He said it demonstrates Nigeria’s commitment to fostering a transparent, predictable and investor-friendly tax system that supports trade, investment and sustainable economic growth.

He added that although the ceremony was held virtually, it reflected the determination of both parties to strengthen economic cooperation and create a more enabling environment for cross-border commerce and investment.

Oyedele noted that the treaty comes at a crucial period as Nigeria seeks to deepen its participation in global value chains and broaden economic partnerships across Asia. He described Hong Kong as a leading international financial and commercial centre, expressing confidence that the agreement would encourage stronger private-sector collaboration and unlock new opportunities for mutually beneficial investment.

The minister also praised the negotiating teams from both sides for delivering what he called a balanced and forward-looking agreement that aligns with international best practices while safeguarding the legitimate interests of both jurisdictions.

He further expressed appreciation to the government of the Hong Kong Special Administrative Region and all stakeholders whose contributions made the agreement possible.