I discovered yesterday this website, which was created very recently, it seems: http://irokotv.com/
There you can watch Nigerian movies for free (until June 2012, at least), with a good video quality.
The oldest movie there is from 1997, and there is like a thousand of movies.
I saw there has been some topics about this subject, and that people tried to see some movies on YouTube, but now we can watch them better.
I hope it can help who wants to find out what people are doing there (and doing a LOT, by the way).
[Little tip: I still didn’t explore it that much, but it seems that they usually make very short movies (they last like 50 minutes), and usually make sequels, so, when you chose a movie, check out the sequels and prequels under the video player.]
Also, here’s a list on Mubi that might help us go through this new world: http://mubi.com/lists/nigeria-africas-largest-movie-industry