Nigeria, Hong Kong sign accord to ease cross-border trade, improve investment

Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed an agreement aimed at easing cross-border trade, improving investment flows and eliminating double taxation on income between both jurisdictions.

The accord was signed virtually on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on behalf of Nigeria, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui.

Speaking at the signing ceremony, Oyedele described the agreement as a major milestone in the growing economic and commercial relationship between Nigeria and Hong Kong, saying it reflects Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax environment.

He said the agreement comes at a time when Nigeria is expanding its economic partnerships across Asia and deepening its integration into global value chains, adding that Hong Kong remains an important international financial and commercial hub.

“The conclusion of the Agreement is particularly timely as Nigeria continues to deepen its integration into global value chains and expand its economic partnerships across Asia.

“We are confident the treaty will facilitate increased engagement between the private sectors of both jurisdictions and open new avenues for mutually beneficial partnerships,” the minister said.

Oyedele also commended the negotiation teams from both sides for producing what he described as a balanced and forward-looking agreement that reflects international best practices while protecting the interests of both parties.

According to the Federal Ministry of Finance, the agreement is designed to remove the burden of double taxation, prevent tax evasion and avoidance, and provide greater certainty for businesses and investors, thereby encouraging cross-border trade and investment between Nigeria and Hong Kong.