Past surpluses from the phosphate industry have been invested abroad, to provide income when the phosphate runs out. The Bank of Nauru is owned by the Government. Set up in 1976, it took over the Nauru operations of the Bank of New South Wales. About 2m tons of high grade phosphate are mined every year. Phosphate deposits will probably be exhausted by the end of this century.
Fruit is grown by individuals on a very small scale, for home consumption.
The Government hopes to develop a local fishing industry. The Nauru Fishing Corporation was formed in 1979. There is virtually no tourism at present. The generators of the Nauru Phosphate Corporation supply full electricity. The word Angam means homecoming and this day commemorates the various times in history when the size of the Nauruan population has returned to 1,500, which is thought to be the minimum number necessary for survival.