Taiwo Oyedele
The Agreement is designed to eliminate double taxation of income earned across both jurisdictions, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors operating between Nigeria and Hong Kong.
The Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China on Monday inked a landmark Agreement for the Elimination of Double Taxation with respect to taxes on income and the Prevention of Tax Evasion and Avoidance, at a virtual signing ceremony.
The Agreement is designed to eliminate double taxation of income earned across both jurisdictions, prevent tax evasion and avoidance, 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 Agreement was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and on behalf of the Hong Kong Special Administrative Region by Mr Christopher Hui, Secretary for Financial Services and the Treasury.
Speaking at the ceremony, the Minister described the Agreement as another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong, and a reflection of Nigeria’s continued commitment to building a transparent, predictable, and investor-friendly tax environment that supports trade, investment, and sustainable economic growth. He noted that, although the event was held virtually, its significance was no less profound, underscoring both jurisdictions’ shared commitment to strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment.
The Minister further observed that the conclusion of the Agreement is particularly timely, coming as Nigeria continues to deepen its integration into global value chains and expand its economic partnerships across Asia. He described Hong Kong as a leading international financial and commercial hub and a gateway for investment and trade opportunities, expressing confidence that the treaty will facilitate increased engagement between the private sectors of both jurisdictions and open new avenues for mutually beneficial partnerships.
The Minister commended the negotiation teams from both sides for their professionalism, dedication, and constructive spirit throughout the negotiation process, noting that their efforts produced a balanced and forward-looking Agreement reflecting international best practice while safeguarding the legitimate interests of both jurisdictions.
On behalf of the Government and people of the Federal Republic of Nigeria, the Minister extended appreciation to the Government of the Hong Kong Special Administrative Region and to all stakeholders who contributed to the successful conclusion of the Agreement.
