In a major move to bolster cross-border trade and secure investor confidence, the Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have officially concluded a landmark Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance. The historic treaty was finalized during a virtual signing ceremony on Monday, July 13, 2026.
The agreement was signed on behalf of Nigeria by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and on behalf of Hong Kong by Mr. Christopher Hui, Secretary for Financial Services and the Treasury.
Strengthening Bilateral and Economic Relations
The treaty marks a pivotal moment in the expanding commercial corridor between West Africa and Asia. By establishing a clear, standardized framework for taxing cross-border income, both jurisdictions aim to dismantle the financial barriers that previously hindered seamless corporate expansion and bilateral investment.
In his address during the virtual ceremony, Mr. Taiwo Oyedele highlighted the strategic importance of the treaty in aligning Nigeria’s fiscal policies with global standards.
“This agreement is another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong. It reflects Nigeria’s continued commitment to building a transparent, predictable, and investor-friendly tax environment that supports trade, investment, and sustainable economic growth,” he stated.
The Minister further observed that the conclusion of the agreement is particularly timely as Nigeria aggressively integrates into global value chains and expands its economic partnerships across Asian markets. He described Hong Kong as a premier international financial hub and a vital gateway, expressing strong confidence that the treaty will spark fresh private-sector engagements and open new avenues for mutually beneficial collaborations.
Safeguarding Revenue and Preventing Tax Evasion
Beyond fostering investment, the newly signed treaty serves as a robust defense mechanism against illicit financial flows. It incorporates modern international tax standards designed to prevent tax evasion and avoidance, ensuring that both governments can safeguard their legitimate tax bases while promoting legitimate commerce.
The Minister commended the negotiation teams from both sides for their professionalism, dedication, and constructive spirit throughout the drafting process. He noted that their efforts produced a balanced and forward-looking agreement that reflects international best practices while protecting the sovereign interests of both jurisdictions.
On behalf of the Nigerian government, Oyedele expressed his deep appreciation to the Government of the Hong Kong Special Administrative Region and all key stakeholders who contributed to the successful completion of the accord. Both regions will now transition to their respective domestic legislative processes to bring the bilateral agreement into full legal force.
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