(Ecofin Agency) - Nigeria is, in Sub-Saharan African, the country that captured the most funds sent by migrants in 2016 (remittances). This was revealed in a report entitled “Migration and Remittances: Recent developments and outlook”, released by World Bank.

Africa’s most populated nation captured last year $19 billion of remittances, down 10% as compared to 2015, according to the report.

In the second position are Ghana and Senegal with $2 billion each. Next are Kenya ($1.7 billion), Uganda ($1.1 billion), Mali ($0.8 billion), Liberia ($0.6 billion), Ethiopia ($0.6 billion) and Madagascar ($0.4 billion).

In the document published on the sidelines of the World Bank/IMF Spring Meetings, remittances to Sub-Saharan Africa slumped by about 6.1% in 2016 to $33 billion, due to a slow economic growth in the migrants’ host countries, paired with low prices of basic products, increasing funds transfers via informal media amid controlled exchange regimes.

Remittances to the region should however rise by 3.3% in 2017, to $34 billion, subsequent to strengthening of oil prices and better global growth outlook.

Remittances toward Nigeria, Ghana and Senegal are thus expected to soar 1.9%, 3.1% and 2.6% respectively.

Moreover, average transfer cost to sub-Saharan Africa slightly rose, from 9.7% in 2016 to 9.8% in the first quarter of 2017, its highest level worldwide.