Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have officially signed a landmark Double Taxation Agreement (DTA), a move expected to strengthen economic ties, encourage foreign investment, and simplify business operations between the two jurisdictions. The agreement was concluded during a virtual signing ceremony attended by key government officials from both sides, marking another important step in their growing commercial relationship.
The agreement was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while Hong Kong was represented by its Secretary for Financial Services and the Treasury, Christopher Hui. Speaking during the ceremony, Oyedele described the pact as a significant milestone that reflects Nigeria’s commitment to creating a transparent, predictable, and investor-friendly tax environment capable of driving trade, investment, and long-term economic growth.
Despite being held virtually, the event carried substantial significance, highlighting the shared determination of both governments to deepen economic cooperation and create a more favorable environment for cross-border business activities. The minister emphasized that the agreement comes at a crucial time as Nigeria seeks to strengthen its position in global value chains and expand economic partnerships across Asia, one of the world’s fastest-growing economic regions.
Oyedele also noted that Hong Kong’s status as a leading global financial and commercial hub makes it a strategic partner for Nigeria. He expressed optimism that the treaty would encourage stronger engagement between businesses in both jurisdictions, reduce barriers to investment, and unlock new opportunities for mutually beneficial partnerships. The minister further praised the negotiation teams from both sides for their professionalism and dedication in crafting an agreement that aligns with international best practices while protecting the interests of both economies.
The newly signed agreement is designed to eliminate the burden of double taxation on income earned across Nigeria and Hong Kong, while also strengthening measures against tax evasion and avoidance. By providing greater tax certainty and clarity for investors and businesses, the treaty is expected to support increased trade flows, attract fresh investments, and enhance international tax cooperation. The development forms part of Nigeria’s broader strategy to expand its network of tax treaties and position the country as a more attractive destination for global business and investment.
source: Leadership
