Of course it is ok to monetize a free website, however, there are several restrictions with a free website that may hinder your progress in future. For example, if your blog became successful and you would like to purchase a wordpress theme that you like, you can't do that. At that time, you must figure how to transfer your contents over to your new site and you may risk losing page rankings with search engines.

You could monetize the content within the free website, and when you have enough money to buy your domain name. Create your main website with additional content, you can then link the new website to your free website for an additional back link.

Hi there,
This just my opinion, others may have different opinions, but you should be able to monetize any website, whether it is paid or free. I think it is more the content that matters, than whether the domain is free or not.
Just my feeling.
Kind regards
Anton

Of course it is :)

Hello,

You can create a Paypal account in Nigeria and pay your membership with Paypal: http://nigerianfinder.com/paypal-in-nigeria-how-to-open-and-verify-a-paypal-account-in-nigeria/

Grtz,
Bert