At the heart of the discourse on Igbo cosmology is the issue of significance and efficacy of the cultural practices, rites, rituals, signs and symbols. The question becomes broader and more complex with the influx of alien western culture, religion and identity. Now, more than ever, the Igbo person is continually faced with the dilemma or predicament of preserving one?s own culture from the onslaught or otherwise opening up to embrace and dialogue with other cultures. Prominent amongst the Igbo cultural heritage is the new yam festival and this is exactly so because of its richness in rituals, rites, signs, and symbols. However, the festival has also been the most criticized, the most misinterpreted, and the most denigrated both by some western scholars and some scholars of African extraction. It is against this background that this work aims at promoting the values and beauty of the festival through an examination of the signs and symbols at display during the festival. Interestingly, the work takes Ihiala Town of Igbo tribe in South-East Nigeria as a case study but maintains that the study is peculiar as to the Igbos in general. The work therefore proffered key paths to be explored so as to improve and still promote this dynamic cultural festival in the entire Igboland. It concludes with the optimism that there exist, within the festival, some socio-theological basis and values upon which a genuine sense of dialogue and inculturation can be pursued and built upon by both traditionalist and Christian religions in Igboland.