Nigeria has signed a landmark agreement with the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China aimed at eliminating double taxation, strengthening cross-border trade and investment, and enhancing cooperation in tackling tax evasion.
The agreement, formally known as the Comprehensive Avoidance of Double Taxation Agreement (CDTA), was signed during a virtual ceremony on Monday, marking another significant milestone in Nigeria’s drive to improve its investment climate and deepen economic ties with global financial hubs.
Signing on behalf of the Federal Government of Nigeria was the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, signed on behalf of the Hong Kong Special Administrative Region.
The pact is expected to provide greater certainty and clarity for businesses and investors operating between both jurisdictions by ensuring that income is not taxed twice. It also establishes mechanisms for cooperation between tax authorities to curb tax avoidance and evasion, while promoting transparency and compliance with international tax standards.
Economic analysts say the agreement could encourage increased foreign direct investment (FDI), facilitate smoother business operations, and strengthen commercial relations between Nigeria and Hong Kong, one of Asia’s leading financial and investment centres.
The development underscores Nigeria’s broader economic reform agenda focused on attracting foreign capital, expanding international trade, and creating a more predictable fiscal environment for both domestic and international investors.
With the agreement in place, businesses in both jurisdictions are expected to benefit from reduced tax barriers, improved legal certainty, and a more conducive framework for cross-border investments, further reinforcing the growing economic partnership between Nigeria and Hong Kong.
