Nigeria and Hong Kong Ink Pact to Eliminate Dual Taxation, Foster Business Growth

Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have forged a significant partnership, signing an Agreement for the Elimination of Double Taxation on income and the Prevention of Tax Evasion and Avoidance to bolster trade, investment, and economic cooperation between the two jurisdictions.

n

This landmark agreement was formally sealed during a virtual ceremony on Sunday, with Mr. Taiwo Oyedele, Nigeria's Minister of Finance and Coordinating Minister of the Economy, and Mr. Christopher Hui, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, serving as signatories for their respective countries.

n

Mr. Oyedele hailed the agreement as a major breakthrough in the burgeoning economic and commercial relationship between Nigeria and Hong Kong, emphasizing its role in promoting a transparent, predictable, and investor-friendly tax system that supports trade, investment, and sustainable economic growth.

n

The minister noted that despite the virtual nature of the signing ceremony, its impact remains substantial, reflecting the shared commitment of both parties to fortify economic cooperation and create a more conducive environment for cross-border trade and investment.

n

According to Mr. Oyedele, the agreement is particularly timely, as Nigeria seeks to deepen its integration into global value chains and expand economic partnerships across Asia, with Hong Kong serving as a leading international financial and commercial hub.

n

He expressed confidence that the treaty would facilitate greater private-sector engagement and unlock new opportunities for mutually beneficial investments between the two economies, commending the negotiating teams from Nigeria and Hong Kong for their professionalism and dedication.

n

The minister also extended his appreciation to the Government of the Hong Kong Special Administrative Region and other stakeholders who contributed to the successful conclusion of the agreement, which he believes will have a profound impact on the economic relationship between the two jurisdictions.

n

A statement signed by Mrs. Mary-Ann Okon, Senior Special Assistant on Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy, explained that the agreement aims to eliminate double taxation on income earned in both jurisdictions, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors.

n

The statement further highlighted that the treaty is part of Nigeria's broader strategy to expand its network of tax agreements, attract foreign investment, promote international tax cooperation, and support increased trade with key global partners.