1:00 AMBloomberg Markets
Nigerian Startup Bets Big on Drones
Summary
Terra Industries, a Nigerian defense tech startup, is expanding into Ghana and scaling production of drones and counter-drone systems as drone attacks spread across the Sahel. The company has raised $34 million from investors including Joe Lonsdale and Lux Capital and plans to manufacture tens of thousands of systems in coming years to meet rising government demand.
Why it matters
Defense spending driven by asymmetric drone warfare is creating a fast-growing, contract-heavy market where a well-funded local player can become the default supplier.