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Nauru Business

Business

Phosphate-containing guano covers 4/5 of Nauru, and the economy is entirely based on phosphate extraction. Since independence in 1968, Nauru itself controls the revenue from production. According to countryaah, agriculture is possible only in the very narrow lowlands along the coast, and the yield covers only a small part of the food demand. The most important products are coconuts, pineapples, bananas and vegetables as well as pandanus nuts (Pandanus is a related screw palm). Fishing has been of local importance only, but the state has started investing in modern sea fishing.

Business and Economy of Nauru

In addition to food, fuel, building materials, drinking water and oil, as well as machinery and transport, are mainly imported for phosphate extraction. Exports are exclusively phosphate, which mainly goes to South Africa, Germany and India. Part of the phosphate income is set aside in a national investment fund, and the state buys land and real estate in, for example, Melbourne and London as well as securities to secure the economy before the day when phosphate ends in the country. Nauru is dependent on financial support from mainly Australia.

Another important source of income is the refugee camps established by Australia in 2001 at Nauru.

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