What is the dividend withholding rate between Nigeria and South Africa?

Under the Nigeria-South Africa tax treaty, the withholding rate on dividends is 10% for portfolio investors (general rate). A reduced rate of 7.5% applies when the beneficial owner is a company holding a qualifying ownership stake (typically 10% or more of voting stock). Note that the reduced rate requires the recipient to file the appropriate treaty benefit claim form before payment. This 10% rate compares to a median of 15% across Nigeria's 3 active treaty partners, and 15% across South Africa's 37 active partners.