Asian Development Bank and Nauru: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Nauru as well as concise information on ADB's operations in the country and contact information. The greatest challenge in alleviating poverty in the Republic of Nauru is establishing economic alternatives to phosphate mining and fishing license revenues. Phosphate mining recommenced in 2007 and, by 2008, phosphate exports were the best in some time, with higher exports and significantly increased prices leading to far higher revenues than forecast. Unfortunately, this good news was tempered by a softening of the phosphate market (along with most other commodity markets) as the year drew to a close, when phosphate prices began falling almost as swiftly as they rose. Moreover, studies concluded that it is commercially feasible to commence mining secondary phosphate reserves. There is estimated to be 1 year supply of primary phosphate reserves, and as much as 20 years supply of secondary reserves worth as much as $700 million. However, Nauru’s long-term economic future depends on finding alternative sources of income. Further challenges include the organization and management of a modern state that promotes a performance-oriented public service, an increasingly competitive and productive private sector, the resolution of Nauru’s debt position, and good governance to underpin public and private investment.