Nigeria, Hong Kong sign double taxation treaty to boost trade, investment

Nigeria and the Hong Kong Special Administrative Region of China have formalized a bilateral agreement to eliminate double taxation, aiming to significantly enhance economic cooperation between the two jurisdictions. Signed virtually on Monday, the treaty is designed to prevent the double taxation of income, combat tax evasion and avoidance, and foster a more stable and predictable tax environment for businesses and investors operating across both economies.

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The agreement is a significant milestone in the growing economic relationship between Nigeria and Hong Kong.

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, signed the agreement on behalf of their respective governments. Oyedele characterized the treaty as a major milestone in the evolving economic relationship between Nigeria and Hong Kong. He emphasized that it underscores Nigeria's dedication to establishing a transparent, predictable, and investor-friendly tax system that supports trade, investment, and sustained economic growth.

Oyedele highlighted the agreement's significance, noting it aligns with Nigeria's strategy to broaden its economic partnerships in Asia and integrate more deeply into global value chains. Recognizing Hong Kong as a premier global financial and commercial hub, he expressed confidence that the treaty will stimulate greater private-sector engagement and unlock new investment opportunities. He also commended the negotiators for crafting a balanced agreement that adheres to international standards while safeguarding the interests of both parties.

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The treaty demonstrates Nigeria’s commitment to building a transparent, predictable and investor-friendly tax system capable of supporting trade, investment and long-term economic growth.

The Ministry of Finance stated that the treaty is a key component of Nigeria's wider strategy to expand its network of double taxation agreements. This initiative seeks to facilitate international trade, attract foreign direct investment, and strengthen global tax cooperation. Nigeria has previously entered into similar agreements with other countries to improve the ease of doing business, reduce tax barriers for cross-border transactions, and bolster investor confidence.

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Hong Kong is one of the world’s leading international financial and commercial centres, expressing confidence that the treaty would encourage stronger private-sector collaboration and create new investment opportunities for businesses in both jurisdictions.