(CNN) -- Nollywood, Nigeria's booming film industry, has grown in recent years into a mighty movie-making machine, capturing audiences with its universal themes and strong narratives of urban culture. The mega industry, one of Nigeria's biggest employers, has been notorious for churning out more than 1,000 typically low-budget films a year, fusing a wide array of stories ranging from romance and drama to comedy and witchcraft. It is currently the third-largest producer of feature films in world, ranking behind only Hollywood in the U.S. and India's Bollywood revenue. Read related: 'Netflix of Africa' brings Nollywood to world And lately, instead of relying on shoe-string budgets, many Nollywood movies are attracting funding of a few million dollars, benefiting from the films' growing popularity.
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Nollywood produces more than 1,000 movies a year
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Some Nigerian movies are now winning budgets of millions of dollars
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Insiders say that audiences can relate to the movies' stories
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They add, however, that funding remains a major issue
"@placeholder is by no means the easiest place to start a business or a career, but I think it's the tenacity, the spirit to succeed despite the odds, that can always drive you to reach your goal, actualize your dream.
"We're ready for the change, we're ready for the time and we still want to maintain the @placeholder way of making film, but globalizing it."