The origins of the town were initially support of the railway, but its economy has evolved through lumber, pulp and paper, mining and tourism.

[6] During World War II, there was also a radar base on the edge of the town, intended to watch for a potential attacks on the strategically important locks at Sault Ste.

[5] The introduction of diesel locomotives after World War II meant that service and maintenance could be consolidated at points much more distant from one another than had been common in the first half of the 20th century.

Railway shops closed in the 1960s, and its status as a maintenance centre ended in 1986, when trains would no longer stop to change crews.

[3] In 2001, Nakina was amalgamated with the former Township of Beardmore and the Towns of Geraldton and Longlac, together with previously unorganized areas, into the new municipality of Greenstone.

[7] In March 2018, The North West Company shuttered the town's Northern Store branch, deeming it no longer financially sustainable.

As of 2024[update], the town remains focused on tourism, diminished pulp and paper operations, and support of other more northern communities (food, fuel and transportation).