Nigeria and the Hong Kong Special Administrative Region of China have signed an agreement to eliminate double taxation on income earned across both jurisdictions and prevent tax evasion.
According to the federal government, the move was designed to open new channels for trade and investment between the two economies.
The Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance was concluded at a virtual signing ceremony.
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele signed it on behalf of Nigeria and Christopher Hui, Secretary for Financial Services and the Treasury, signed for Hong Kong.
Oyedele described the agreement as a huge milestone in the growing economic relationship between the two sides and a proof of Nigeria's commitment to building a transparent, predictable and investor-friendly tax environment.
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He said the timing was particularly apt, with Nigeria deepening its integration into global value chains and expanding economic partnerships across Asia.
The minister described Hong Kong as a leading international financial and commercial hub and a gateway for investment opportunities.
He believed that the treaty would facilitate greater engagement between the private sectors of both jurisdictions.
Oyedele commended the negotiation teams on both sides for producing what he called a balanced and forward-looking agreement that showed international best practice while protecting the legitimate interests of both parties.
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