Nigerian Web3 Startups Struggle to Secure Funding Amid Regulatory Uncertainty
Despite growing adoption of digital currencies, Nigerian Web3 startups face a decline in venture capital funding, citing regulatory uncertainty and investor caution.
Elliot Kim
Egypt and China have wrapped up a historic joint air force exercise, dubbed "Eagles of Civilization 2025", in a move that carries both strategic weight and symbolic meaning for both countries. The drills, which took place in the Sahara Desert, saw Chinese fighter jets, helicopters, and transport aircraft soar over Egyptian skies, marking a notable shift in regional alliances.
The partnership is particularly significant given Egypt's status as Africa's most powerful military force, ranked 19th globally and boasting one of the continent's largest defence budgets. The exercises come amid a shifting geopolitical landscape, with the United States adopting a more protectionist stance and scaling back its foreign aid and regional military commitments.
This retreat has left room for China to invest billions in strategic partnerships across North Africa and beyond. The Global Times in China reported on the drill, saying the joint training marked the first time the People's Liberation Army Air Force has deployed a systematic force to Africa for such exercises. The move is seen as a significant expansion of China's military influence in the region.
Egypt's collaboration with China risks U.S. backlash, but it aligns with Cairo's need for stronger defence capabilities amid regional crises. Since the late 1970s, the U.S. has been Egypt's main defence ally, also backing key neighbours including Israel, Jordan, Saudi Arabia, and the Gulf states. However, recent U.S. foreign aid cuts have left many in the region rethinking their alliances.
For Egypt, the timing is critical. It faces simultaneous crises, including the war in Gaza to the northeast, ethnic violence in Sudan to the south, and political instability in Libya to the west. These threats have increased the urgency for Cairo to bolster its defence capabilities. China has pledged billions of dollars in investments in Egypt, including funding satellite manufacturing facilities with potential military applications.
Experts warn that Egypt's pivot toward Chinese defence systems could be costly, noting the high expenses of switching military platforms. Eric Olander, co-founder of the China-Global South Project, cautioned that the shift could come at a significant financial cost. However, the benefits of the partnership may outweigh the costs, as Egypt seeks to strengthen its defence capabilities in a rapidly changing regional landscape.
The implications of this partnership extend beyond Egypt and China, with potential ripple effects on regional alliances and global power dynamics. As the United States scales back its involvement in the region, China is poised to fill the vacuum, investing in strategic partnerships and expanding its military influence. The "Eagles of Civilization 2025" exercise marks a significant milestone in this shift, with far-reaching consequences for the future of regional security and global politics.
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