Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China have signed an Agreement on the Elimination of Double Taxation on Income and the Prevention of Tax Evasion and Avoidance, a development expected to strengthen trade, investment and economic cooperation between both jurisdictions.
The agreement was formalised during a virtual signing ceremony held on Sunday, with Nigeria represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Mr. Christopher Hui, signed on behalf of Hong Kong.
Speaking during the ceremony, Oyedele described the agreement as a significant milestone in the expanding economic and commercial relationship between Nigeria and Hong Kong.
According to the minister, the treaty reflects Nigeria’s commitment to building a transparent, predictable and investor-friendly tax framework capable of supporting international trade, attracting investment and driving sustainable economic growth.
He stated that although the signing took place virtually, the importance of the agreement remains substantial because it demonstrates the shared determination of both governments to strengthen economic collaboration and create a more favourable environment for cross-border business activities.
Oyedele noted that the agreement comes at a strategic period when Nigeria is intensifying efforts to integrate more effectively into global value chains while broadening its economic partnerships across Asia.
Describing Hong Kong as one of the world’s leading financial and commercial centres, the minister expressed confidence that the agreement would encourage stronger private-sector participation and create fresh opportunities for mutually beneficial investments between both economies.
He also commended the negotiating teams from Nigeria and Hong Kong for their professionalism, dedication and commitment throughout the negotiation process.
According to him, their efforts produced a balanced agreement that conforms with international best practices while protecting the legitimate interests of both jurisdictions.
The minister further conveyed appreciation to the Government of the Hong Kong Special Administrative Region and every stakeholder whose support contributed to the successful conclusion of the negotiations.
In 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 was described as a framework designed to eliminate double taxation on income earned in both jurisdictions while strengthening measures against tax evasion and tax avoidance.
The statement explained that the treaty would also provide greater certainty for businesses and investors operating across Nigeria and Hong Kong.
It added that the agreement forms part of Nigeria’s broader strategy to expand its network of international tax treaties, attract foreign direct investment, strengthen international tax cooperation and boost trade with key global economic partners.
