Nigeria, Hong Kong Sign Tax Treaty to Boost Trade, Investment

Nigeria and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China have signed an agreement to eliminate double taxation on income and prevent tax evasion between both jurisdictions.

The agreement was signed during a virtual ceremony on Sunday. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, signed on behalf of Nigeria. The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Christopher Hui, signed on behalf of Hong Kong.

According to a statement from the Ministry of Finance, the treaty is designed to remove double taxation of income earned in both jurisdictions, curb tax evasion and avoidance, and give businesses and investors greater certainty.

Speaking at the ceremony, Oyedele described the deal as another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong. He said the pact reflects Nigeria’s commitment to building a transparent and investor-friendly tax environment that supports trade and sustainable growth.

The minister noted that although the ceremony was held online, its significance was no less profound. He described Hong Kong as a leading international financial and commercial hub and a gateway for investment and trade opportunities , and said he expects the treaty to encourage stronger private-sector partnerships between both jurisdictions.

Oyedele also commended the negotiating teams from both sides, saying their work produced a balanced treaty that follows international best practices while protecting the interests of both jurisdictions. He thanked the Hong Kong government and other stakeholders who contributed to concluding the agreement.

Hong Kong currently holds double taxation agreements with roughly 50 countries. Under Nigerian law, a double taxation agreement takes effect only after it is ratified or domesticated by the National Assembly, after which tax paid abroad can be credited against tax owed in Nigeria on the same income.

The new agreement forms part of Nigeria’s broader strategy to expand its network of tax treaties and attract foreign investment, as the country seeks deeper economic integration across Asia.

The agreement will require ratification through Nigeria’s National Assembly before it takes legal effect domestically. Further details on implementation timelines are expected from the Ministry of Finance and Hong Kong’s Treasury.