Nigeria and the Hong Kong Special Administrative Region have signed a landmark agreement to eliminate double taxation on income and prevent tax evasion, aiming to deepen economic ties and boost cross-border investment.
The comprehensive avoidance of double taxation agreement (CDTA) was signed virtually on July 13, 2026, by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui.
The pact sets out the allocation of taxing rights between the two jurisdictions. It reduces withholding tax rates on dividends, interest, and royalties for Hong Kong residents from 10% to 7.5%. Hong Kong residents will receive credits for taxes paid in Nigeria on the same income.
This marks Hong Kong’s 59th CDTA and is expected to provide greater certainty for businesses and investors operating between the two economies. Oyedele described the agreement as a milestone in Nigeria’s efforts to create a transparent and investor-friendly tax environment.
The agreement will enter into force after completion of ratification procedures in both jurisdictions. In Hong Kong, it will require an order under the Inland Revenue Ordinance, subject to legislative scrutiny.
Nigeria and Hong Kong have growing commercial links, with the DTA intended to facilitate trade, investment, and economic cooperation. It forms part of Nigeria’s broader strategy to expand its network of tax treaties.
Further details on specific provisions will be available once the full text is published following ratification.
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