DTAs serve to relieve the double taxation of income that is earned in one jurisdiction by a resident of another. The Singapore-Nigeria DTA signed in August 2017 provides relief from double taxation in the situation where income is subject to tax for both countries. It was ratified in August 2018.
The provisions of the DTA apply to persons who are residents of one or both of the Contracting States. Please refer to IRAS for more information regarding the agreement between Singapore and Nigeria for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
Singapore and Nigeria signed a BIT in August 2016. The BIT aims to promote greater investment flows between Singapore and Nigeria by protecting the interests of Singaporean and Nigerian investors. Singapore investors will be granted protection such as non-discriminatory treatment compared with other foreign investments, protection from illegal seizure of property, and the freedom to transfer capital and returns in and out of the country.