The Minister of State for Trade and Investment has called for the establishment of Nigerian-Chilean Business Council that will comprise mainly the organized private sector operators from both sides in order to boost the weak trade relations between the two countries.

Dr Samuel Ortom said in Abuja when the Chilean Deputy Foreign Minister, Fernando Schmidt Aritzia, visited him that from existing statistics, the volume of trade between Nigeria and Chile is in favour of Chile and stressed the need to balance it up.

"Nigeria is a country endowed with a lot of natural resources and I think there is so much that Chile can benefit from when it comes to raw materials for your industries and all that. We have several advantages in our country, in mining, agriculture, solid minerals and petroleum, so I think that we can do more to ensure that we have a balance," he said.

The minister called for the need to have an economic agreement between the two countries, adding that it is important to have a deeper cooperation especially through joint ventures.

The Chilean Deputy Foreign Minister said his country's economic relations with Africa is very minimal, adding that Chilean exports to Africa in 2011 represent 0.3 percent and 1.1 percent in terms of import from the rest of the world.