Nigeria has entered into an agreement with the Hong Kong Special Administrative Region of the People’s Republic of China aimed at eliminating double taxation and preventing tax evasion.
The agreement was signed on Monday during a virtual ceremony by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on behalf of the country, and Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, representing the territory.
A statement from the Ministry of Finance said the deal would prevent income earned across both jurisdictions from being taxed twice, curb tax avoidance and evasion, and provide greater certainty for businesses and investors operating between Nigeria and Hong Kong.
“It forms part of Nigeria’s broader strategy of expanding its network of tax treaties to support trade, attract investment, and strengthen international tax cooperation,” the ministry said.
Speaking at the signing ceremony, Oyedele described the agreement as a significant step in strengthening economic and commercial ties between Nigeria and Hong Kong.
He said the pact demonstrates Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax system that promotes trade, investment and sustainable economic growth.
The minister noted that although the ceremony was conducted virtually, it reflected the shared commitment of both jurisdictions to deepening economic cooperation and improving conditions for cross-border trade and investment.
Oyedele said the agreement comes at a time when Nigeria is working to expand its participation in global value chains and establish stronger economic partnerships across Asia.
He described Hong Kong as a major global financial and commercial centre, expressing optimism that the treaty would encourage greater private-sector collaboration and create opportunities for mutually beneficial partnerships.
The minister also praised the negotiating teams from both sides for reaching what he called a balanced and forward-looking agreement that follows international standards while protecting the interests of both jurisdictions.
Oyedele further appreciated the Hong Kong Special Administrative Region government and other stakeholders involved in achieving the successful completion of the agreement.