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Nigeria is feeling the economic consequences of the coronavirus outbreak. The largest economy in Africa slipped into recession in the third quarter. In addition to the pandemic, the country is also troubled by low oil prices. South Africa meanwhile suffered a setback on the international financial markets. The rating agencies Fitch and Moody’s further
downgraded the credit rating, which previously had junk status. The most industrialized country on the continent is losing its tax revenue in the pandemic, while spending on the fight against the virus and its economic consequences increases.