Nigeria, Hong Kong Seal Key Tax Cooperation Deal

Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed a major double taxation agreement designed to remove the burden of taxing the same income twice, tackle tax evasion, and strengthen economic ties between both jurisdictions. The agreement marks another important step in building closer commercial links and encouraging long-term cooperation.

The agreement was signed during a virtual ceremony by Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, representing Nigeria, and Hong Kong’s Secretary for Financial Services and the Treasury, Mr. Christopher Hui. Speaking during the event, Oyedele said the double taxation agreement reflects Nigeria’s strong commitment to a transparent, stable and investor-friendly tax system.

He explained that the double taxation agreement will give businesses greater confidence when operating across both jurisdictions. It will also support cross-border trade, encourage foreign investment, and promote sustainable economic growth. Oyedele added that the deal comes at a time when Nigeria is working to strengthen its position in global value chains and build stronger economic partnerships across Asia.

The minister described Hong Kong as a leading global financial and commercial centre. He expressed confidence that the agreement would encourage stronger private sector collaboration and open fresh investment opportunities for businesses in both economies.

Oyedele also praised the negotiating teams for their professionalism and commitment throughout the discussions. He said their efforts produced a balanced agreement that follows international best practice while protecting the interests of both parties.

Experts believe agreements like this help boost investor confidence, remove tax barriers, and provide a clear framework for taxing international business activities. The deal also supports Nigeria’s wider plan to expand its tax treaty network, improve international tax cooperation, and make the country’s economy more attractive to global investors.

How do you think this double taxation agreement could influence future investment between Nigeria and Hong Kong?