Speaking during a visit to Nigeria, Mr Hurd said that the trade potential between the two countries was very huge and could be improved upon further. He added that the trade relationship was balanced and not against Nigeria, so it was a mutually beneficial relationship that favoured both countries.
Mr Hurd said: “The trade volume is about £6bn and it's an important trading relationship and we think that the potential remains huge and for us in terms of the relationship between UK and Nigeria, it’s such an important one. It’s important because of security, our development agenda and that’s in the interest of both Nigeria and Great Britain going forward, so we are very keen to encourage greater trading links between Britain and Nigeria.
“I think the relationship is well balanced, so there is a sort of genuine partnership. I think the foundation is very strong in terms of relationship but I think looking to the future, there is so much where our interests align."
He added that the UK Department for International Development invested £222 m a year in Nigeria. According to Mr Hurd, when added to the contributions to the World Bank, Britain is investing about £400m a year in the development of Nigeria.
“We worry about terrorism, Nigeria worries about terrorism and we have a mission to reduce poverty around the world. We also have a president here who wants to reduce poverty in Nigeria and we want to increase the ties of prosperity and trade.
“The incentives are aligned where our interests are entangled and because of the strength of the historical relationship, so to me, I think we have a genuine spirit of partnership. So these are very strong ties, very strong commitments but the whole balance of the relationship is a genuine balance rooted in partnership," Mr Hurd said.
He added that the UK was passionate about wanting to support the development of Nigeria and to help accelerate security, peace and prosperity. He commended President Muhammadu Buhari for having done a very good job, pointing out that the president has got the right priorities.
Mr Hurd added: "We are impressed by much of what has been done since he took office. We recognised that the process of change and reform is a very difficult one that is not going to happen overnight, so we understand that and we are here to be supportive.
“There was a very big concern about power that came up as the number one challenge businesses want the government to fix. However, there was also considerable concern about foreign exchange and so we hold very strong opinions that the government needs to consider some flexibility in its approach."
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