New Tax Treaty Aims to Boost Economic Cooperation and Attract Foreign Investment
Nigeria and the Hong Kong Special Administrative Region (HKSAR) of China have signed an agreement to eliminate double taxation on income and strengthen economic cooperation between both jurisdictions.
The agreement, which also seeks to prevent tax evasion and avoidance, is expected to enhance cross-border trade, attract investment, and provide greater certainty for businesses operating in both markets.
The pact was signed virtually on Sunday by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and Hong Kong’s Secretary for Financial Services and the Treasury, Mr. Christopher Hui, The News Edition reports.
Speaking during the ceremony, Oyedele described the agreement as a significant milestone in the growing economic relationship between Nigeria and Hong Kong.
According to him, the treaty reflects Nigeria’s commitment to building a transparent, predictable, and investor-friendly tax system capable of supporting sustainable economic growth.
He noted that the agreement comes at a time when Nigeria is seeking to deepen its integration into global value chains and expand economic partnerships across Asia.
Oyedele expressed confidence that the deal would encourage greater private sector participation and unlock new investment opportunities between both economies.
He also commended the negotiating teams from Nigeria and Hong Kong for reaching an agreement that aligns with international best practices while safeguarding the interests of both parties.
According to the Ministry of Finance, the treaty forms part of Nigeria’s broader strategy to expand its network of tax agreements, improve international tax cooperation, attract foreign investment, and increase trade with key global partners.