Nigeria and the Hong Kong Special Administrative Region (HKSAR) have signed a landmark Double Taxation Avoidance Agreement (DTAA) aimed at eliminating double taxation, curbing tax evasion, and strengthening economic cooperation between both economies.
The agreement, signed during a virtual ceremony, is expected to create a more attractive environment for businesses and investors by ensuring that income earned across both jurisdictions is not taxed twice.
The treaty was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, represented the Chinese special administrative region.
Nigeria Eyes More Foreign Investment
Speaking after the signing ceremony, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, described the agreement as a major milestone in the growing economic partnership between Nigeria and Hong Kong.
He said the treaty reflects Nigeria’s commitment to building a transparent, predictable, and investor-friendly tax system capable of supporting international trade, foreign direct investment, and sustainable economic growth.
According to him, although the signing took place virtually, it underscores the shared determination of both governments to deepen economic collaboration and remove tax-related barriers affecting businesses operating across the two markets.
Boost for Cross-Border Business
Oyedele noted that the agreement comes at a time when Nigeria is expanding its global economic partnerships, particularly across Asia, to attract new investments and integrate more effectively into international value chains.
He described Hong Kong as one of the world’s leading financial and commercial centres, expressing confidence that the treaty would encourage greater private-sector collaboration and unlock fresh opportunities for trade and investment.
He also commended the negotiating teams from both sides for reaching a balanced agreement that aligns with international tax standards while protecting the economic interests of Nigeria and Hong Kong.
What the Agreement Means
Under the new treaty, businesses and individuals earning income in Nigeria and Hong Kong will enjoy greater tax certainty, reducing the risk of being taxed twice on the same income.
The agreement also introduces measures to combat tax evasion and aggressive tax avoidance while promoting transparency and stronger cooperation between the tax authorities of both jurisdictions.
The Federal Government said the pact forms part of Nigeria’s broader strategy to expand its network of international tax treaties, improve the ease of doing business, and attract more foreign direct investment.
Officials believe the agreement will strengthen commercial ties between Nigeria and Hong Kong, encourage cross-border investments, and further position Nigeria as a competitive destination for global investors.
Keywords: Nigeria Hong Kong tax treaty, double taxation agreement, Nigeria investment, Hong Kong investment, tax evasion, Taiwo Oyedele, Wale Edun, Nigeria economy, foreign investment, business news Nigeria.
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