Nigeria and Hong Kong Sign Landmark Double Taxation Agreement
The minister noted that the agreement comes at a time when Nigeria is seeking to deepen its integration into global value chains and expand economic partnerships across Asia.
Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China have signed a landmark Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, in a move aimed at deepening bilateral economic relations and promoting cross-border investment.
The agreement was signed virtually by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, on behalf of their respective governments.
Speaking during the signing ceremony, Edun described the agreement as a significant milestone in the growing economic partnership between Nigeria and Hong Kong. He reaffirmed the Nigerian government’s commitment to creating a transparent, predictable and investor-friendly tax environment that supports trade, attracts investment and drives sustainable economic growth.
The minister noted that the agreement comes at a time when Nigeria is seeking to deepen its integration into global value chains and expand economic partnerships across Asia. He highlighted Hong Kong’s role as a leading international financial and commercial hub, expressing confidence that the treaty would create new opportunities for businesses and investors operating in both jurisdictions.
Edun also commended the negotiation teams from Nigeria and Hong Kong for their professionalism and dedication in reaching what he described as a balanced and forward-looking agreement that aligns with international best practices while safeguarding the legitimate interests of both parties.
According to the Federal Ministry of Finance, the treaty is designed to eliminate double taxation, prevent tax evasion and tax avoidance, and provide greater certainty for businesses and investors engaged in cross-border activities. It also forms part of Nigeria’s broader strategy to expand its network of tax treaties, strengthen international tax cooperation and create an enabling environment for investment and long-term economic prosperity.
