The Nigeria Hong Kong tax agreement has reached a significant milestone following the signing of a bilateral treaty designed to eliminate double taxation, prevent tax evasion and strengthen investment and trade ties between Nigeria and the Hong Kong Special Administrative Region (HKSAR) of China.
The agreement was signed during a virtual ceremony on Sunday by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and Mr. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region. The treaty focuses on eliminating double taxation on income earned in both jurisdictions while introducing measures to prevent tax evasion and tax avoidance.
Speaking after the signing, Oyedele described the agreement as a major step forward in the expanding economic and commercial relationship between Nigeria and Hong Kong.
According to him, the treaty reflects Nigeria’s commitment to building a transparent, predictable and investor-friendly tax system capable of supporting sustainable economic growth and encouraging international investment. He noted that although the ceremony was conducted virtually, its significance remained substantial because it demonstrated the shared determination of both governments to deepen economic cooperation.
The minister explained that the agreement comes at a strategic period as Nigeria seeks to strengthen its position within global value chains and expand economic partnerships across Asia.
He described Hong Kong as one of the world’s leading financial and commercial centres, expressing confidence that the treaty would encourage stronger private-sector participation while creating fresh opportunities for mutually beneficial investments between both economies. According to Oyedele, improved tax certainty is expected to make cross-border business transactions more attractive for companies operating in both jurisdictions.
The finance minister commended officials from Nigeria and Hong Kong who negotiated the agreement, describing their work as professional and balanced. He said the final document aligns with international best practices while safeguarding the legitimate interests of both parties. Oyedele also acknowledged the contributions of the Hong Kong government and other stakeholders whose collaboration made the successful conclusion of the negotiations possible.
According to a statement issued by Mrs. Mary-Ann Okon, Senior Special Assistant on Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, the agreement is intended to remove the burden of double taxation, discourage tax evasion and avoidance, and provide greater certainty for businesses and investors. The statement added that the treaty forms part of Nigeria’s broader strategy to expand its network of international tax agreements, strengthen global tax cooperation, attract foreign direct investment and promote increased trade with key economic partners.
The agreement is expected to improve investor confidence by providing a clearer tax framework for businesses operating between Nigeria and Hong Kong. Officials believe the treaty will support deeper commercial engagement, facilitate cross-border investments and reinforce Nigeria’s efforts to position itself as a competitive destination for international business while strengthening economic cooperation with Asia.
