Nigeria, Hong Kong sign double taxation agreement to boost investment

By Innocent Anaba

Nigeria and the Hong Kong Special Administrative Region, HKSAR, of the People’s Republic of China have signed an Agreement for the Elimination of Double Taxation on income and the Prevention of Tax Evasion and Avoidance, in a move aimed at strengthening trade, investment and economic cooperation between both jurisdictions.

The agreement was signed during a virtual ceremony on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on behalf of Nigeria, and by the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Mr. Christopher Hui, on behalf of Hong Kong.

Speaking at the ceremony, Oyedele described the agreement as a major milestone in the growing economic and commercial relationship between Nigeria and Hong Kong.

He said the pact underscores Nigeria’s commitment to promoting a transparent, predictable and investor-friendly tax system capable of supporting trade, investment and sustainable economic growth.

According to the minister, although the signing ceremony was held virtually, its significance remained profound as it reflected the shared commitment of both parties to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment.

Oyedele noted that the agreement comes at a critical period as Nigeria continues to deepen its integration into global value chains and expand economic partnerships across Asia.
Describing Hong Kong as a leading international financial and commercial hub, he expressed confidence that the treaty would facilitate greater private-sector engagement and unlock new opportunities for mutually beneficial investments between the two economies.

He also commended the negotiating teams from Nigeria and Hong Kong for their professionalism and dedication, saying their efforts produced a balanced agreement that aligns with international best practices while protecting the legitimate interests of both jurisdictions.
The minister further expressed appreciation to the Government of the Hong Kong Special Administrative Region and other stakeholders whose contributions made the agreement’s successful conclusion possible.

According to a statement signed 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, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors.

The statement added that the treaty forms part of Nigeria’s broader strategy to expand its network of tax agreements, attract foreign investment, promote international tax cooperation and support increased trade with key global partners.