Nigeria and Hong Kong have officially entered into an agreement to eliminate double taxation and curb tax evasion. This pact serves to enhance economic ties, trade, and investment between the two regions.
The agreement was formalized during a virtual event on Sunday. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, signed for Nigeria, while Secretary for Financial Services and the Treasury, Christopher Hui, represented Hong Kong.
Oyedele highlighted the treaty as a key step in strengthening the commercial bond between the two partners. He emphasized that the deal demonstrates Nigeria’s dedication to maintaining a transparent tax framework that attracts investors and encourages sustainable growth. Despite the remote nature of the signing, he stated that the event underscores a mutual resolve to foster a better environment for international commerce.
As Nigeria works to integrate further into global markets, the partnership with Hong Kong is viewed as a strategic move. Oyedele noted that Hong Kong’s status as a major financial hub makes it an ideal partner for unlocking new private-sector investments.
A statement from Mrs. Mary-Ann Okon, spokesperson for the Ministry, clarified that the treaty aims to provide clarity for businesses by removing tax burdens on cross-border income. The initiative is a component of Nigeria’s plan to broaden its international tax treaty network and promote foreign capital inflow.
