Nigeria and the Hong Kong Special Administrative Region of China have signed an agreement to prevent double taxation and strengthen economic ties between both jurisdictions.
The agreement was signed during a virtual ceremony on Sunday by Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui.
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 agreement reflects Nigeria's commitment to building "a transparent, predictable, and investor-friendly tax environment" that supports trade, investment and sustainable economic growth.
Although the ceremony was held online, the minister said "its significance was no less profound," adding that it showed both sides' commitment to "strengthening economic cooperation and creating a more conducive environment for cross-border trade and investment."
Oyedele said the agreement comes at an important time as Nigeria works to deepen its links with global markets, especially across Asia.
He described Hong Kong as "a leading international financial and commercial hub and a gateway for investment and trade opportunities," expressing confidence that the treaty would encourage stronger private-sector partnerships.
He also praised the negotiating teams from both sides for their "professionalism, dedication, and constructive spirit," saying they produced "a balanced and forward-looking Agreement" that follows international best practices while protecting the interests of both jurisdictions.
According to the Finance Ministry, the agreement will eliminate double taxation on income earned in both jurisdictions, help prevent tax evasion and avoidance, and give businesses and investors greater certainty while supporting Nigeria's efforts to attract more foreign investment.
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