Abstract. This work underscores the value of philosophy as a catalyst for both human and social development. It examines the relationship between philosophy and creativity as well as that between philosophy and national/societal development. Thereafter, it argues that the moral development of the people is a necessary though not a sufficient condition for socio-politico-economic cum scientific development to take place in a country. It discloses that prejudice, unfounded assumptions as well as over-emphasis on materialistic values are the major reasons for low patronage of philosophy by the public. After a thorough examination of the nature of philosophy and the inherent values and potentialities it has for the development of the individual and society, the paper goes on to conclude that until Nigerians realize that the goods of the mind are as important as the goods of the body, things may not really change for the better.