Virtually all countries on earth have language policies. In Nigeria however, the concern has been how to accommodate ex-colonialist language. In the recent decades there have been growing demands for greater recognition of Yoruba language and the need to develop it to function beyond traditional milieu of home, family and immediate community. This paper examines the language policies of Nigeria and the implications of same for the development of Yoruba history and culture. The paper traces the chronology of nigeria's language policies from colonial to post-independent times, and discusses the factors which underlie them. It critically examines the status accorded Yoruba language and mechanisms set in motion for its development and promotion. The paper also discusses the importance of developing and promoting Yoruba language as a means of cultural and historical preservation.