Nigeria and Hong Kong Sign Double Taxation Treaty

On Sunday, Nigeria and Hong Kong signed a landmark double taxation treaty during a virtual ceremony. The agreement aims to eliminate double taxation on income, prevent tax evasion, and enhance economic cooperation between the two jurisdictions.

Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyeleke, represented Nigeria, while Hong Kong's Secretary for Financial Services and the Treasury, Christoph Hui, represented Hong Kong. Oyeleke described the treaty as a major milestone in the growth of the economic and commercial relationship between Nigeria and Hong Kong, reinforcing Nigeria's commitment to creating a transparent and investor-friendly tax environment.

The treaty is expected to strengthen cross-border trade and investment, providing greater certainty for business operations in both jurisdictions. It comes at a strategic time as Nigeria seeks to deepen its integration into global value chains and expand economic partnerships across Asia.

The agreement is part of Nigeria's broader strategy to expand its network of tax treaties and strengthen international tax cooperation.