Here is a very interesting post on Nollywood from a professional filmmakers forum.
Most of the members are ignorant of Nollywood.

Title: Who Wants To Work In Nollywood?

I want to know if anyone of you will be interested in working in Nollywood where you can make no-budget and low-budget movies without breaking the bank.

Nollywood is the Nigerian movies world and is the third largest in the world after Hollywood and Bollywood.

Our company Ark Resources Entertainment is now editing our first feature "Changing Faces" and the director Faruk Lasaki is going to speak on the making of "Changing Faces" at the Toronto Film Festival.

"Step aside LA and Bombay ? here comes Nollywood. Despite Nigeria?s political and economic chaos, the film business is booming. It?s now the third largest in the world and releases around ten films a week."

"Step in Nick Moran, star of Lock, Stock and Two Smoking Barrels and now an aspiring film director. Nick has experienced how hard it is to make a movie in Hollywood and the UK, where people can wait literally years to see their efforts reach the big screen. Now he?s been offered the opportunity to join up with two of Nigeria?s top producers to make a film Nollywood-style."

"The catch? He?s got just three weeks to do it. And a budget of only �10,000."
http://www.bbc.co.uk/bbcthree/africakicks/nollywood.shtml

I am now working on an intellectual romance "Naked Beauty" with top award winning Nollywood director Chika Christian Onu.

So, who wants to follow in the daring footsteps of Nick Moran and take up the challenges of Nollywood?

http://ClubCinema.soflow.com/NewForumTopic/42047a601b30

whoa

i heard about this some time a go briefly on bbc 3, dont really know if he actually made it

http://film.guardian.co.uk/features/featurepages/0,4120,1126184,00.html

I want to work in Nollywood.  I want to learn how much it costs to produce a film and how one starts.

When do you want to start?

Do you have the time to monitor and evaluate your production for over two months?

Dude you need to quit this lying business. Get a job

My dear Seun, if u want to produce a nollywood MOVIE just keep like 2 - 2.5million Naira for a good movie.

Joyblinks: Oops, my budget is much smaller than that.

The National Video Censors Board will collect 70,000 naira just to rate your film. That's sad.

Film making is serious buisness!!

The censors board adds nothing to your film except to reject it if they don't like it and collect your money.

Seun,
We have no-budget and low budget movies.

There is no fixed sum of money for film production.

Anytime you are ready, just do as I have already stated.

What matters most is not the budget, but the project.

I agree with you and I've finally started working on my script.

I have read it already.
It shows some professionalism. And it is very explicit.

Seun your 70,000.00 cannot even pay one artist that comes on set. Stars are being paid like 250 - 300 thousand Naira (for one person oh) talk about the Location, feeding, crews, camera, instrument that u will hire (for like one week) My dear have ur 2. something million# at hand or u produce an incomplete movie. though the capital is much but not to worry because u will definitely cover up from the sales u will make and that is if the story is a good one. GUD LOCK.

How can I spend 2 million naira in one week, when I am not Dangote's son? :-o

Seun,
Let us stop playing musical chairs or going round in circles.

I have seen daring filmmakers who made successful No-Budget movies.
I have already mentioned this.

We have High-Budget, Low-Budget and No-Budget movies.

With even N100,000 you can make a movie if you know how to go about it and I don't like talking too much again.

I don't think a newbie can make a good movie for 100,000. I feel that it will only work for someone who is a very good writer or cameraman or an experienced person in the movie business. I am none of the above.

Seun,
Let me make it easier and reasonable for you.

Simply find time and go and see Tunde Kelani and lay your cards on the table.
If the outcome is contrary to what I have said, ignore me forever.

Supposing Tunde Kelani learns that:
- I am not an expert at screenwriting or even novel writing.
- And I am not even bringing any considerable amount of money.
- I want to be a producer i.e. a competitor to him.

If he learns that, the best he would be able to offer me is to come and be one of his unpaid assistants. Which I can't do because I have a forum to run. Besides that, I take so much pride in my illusion of independence.

Maybe 5 or 10 years from now, I'll be able to painlessly bankroll an entire production out of my pocket.
Maybe that would be the time to go into movies. Maybe I should try radio production instead.

Seun,
Well follow your heart.

You cannot jump to conclusions until you meet with TK.

Well, my friend at ITPAN who has done his movie this year did not even have up to N100,000 in his personal budget.

I did my last stage production Sleepless Night without any budget and at the end of the show, I spent over N150,000.
Dele Momodu of Ovation provided the money to pay members of the Crown Troupe on the very day of the world premiere. And the late Funso Alabi also got paid in full. And I thank God I did the production in memory of the late Chief MKO Abiola.

nollywood has boomed now.