Nigeria and the Hong Kong Special Administrative Region of China have officially signed a new tax agreement aimed at making business and investment easier between both sides. The agreement was completed during a virtual signing ceremony attended by top government officials from Nigeria and Hong Kong.
The agreement was signed for Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Representing Hong Kong was the Secretary for Financial Services and the Treasury, Christopher Hui.
Speaking during the ceremony, Oyedele described the agreement as an important step in strengthening the economic relationship between Nigeria and Hong Kong. He said the deal shows Nigeria’s commitment to creating a fair, transparent, and business-friendly tax system that encourages local and foreign investment.
According to the minister, although the signing took place online, its importance remains significant. He explained that both governments share the same goal of improving economic cooperation and making it easier for businesses to operate across their borders.
Oyedele added that the timing of the agreement is important because Nigeria is working to expand its trade partnerships with countries across Asia. He described Hong Kong as one of the world’s leading financial and commercial centres, saying it serves as a major gateway for international trade and investment.
He expressed confidence that the agreement will encourage more companies from both Nigeria and Hong Kong to do business together. The minister believes the deal will create fresh opportunities for investment, strengthen partnerships between private businesses, and support economic growth in both regions.
The finance minister also praised the teams that handled the negotiations. He said both sides showed professionalism, commitment, and a willingness to work together throughout the discussions. According to him, their efforts resulted in a balanced agreement that follows international standards while protecting the interests of both Nigeria and Hong Kong.
He also thanked the Hong Kong government and everyone who contributed to making the agreement a success.
The newly signed treaty is designed to prevent individuals and businesses from paying tax twice on the same income when operating in both Nigeria and Hong Kong. It also includes measures to reduce tax evasion and tax avoidance, giving investors and companies more confidence when doing business across the two jurisdictions.
The agreement is part of Nigeria’s wider plan to expand its network of international tax treaties. The government hopes that such partnerships will increase foreign investment, improve international tax cooperation, promote cross-border trade, and support long-term economic development.
Officials believe the agreement will strengthen economic ties between Nigeria and Hong Kong while providing a more stable and predictable environment for businesses. As both economies continue to seek new investment opportunities, the treaty is expected to play an important role in encouraging stronger commercial relations and creating lasting benefits for investors and the wider economy.
