"Follow the way of love and eagerly desire gifts of the Spirit, especially prophecy." 1 Corinthians 14:1 NIV
There are many gifts of the Holy Spirit. They are given to believers by God in order to impart certain divine qualities so that they become more like Christ in their lives; to deliver better service to God and other men.
These gifts are enumerated in 1 Corinthians 12:7-!11 "But the manifestation of the Spirit is given to each one for the profit of all: for to one is given the word of wisdom through the Spirit, to another the word of knowledge through the same Spirit, to another faith by the same Spirit, to another gifts of healings by the same Spirit, to another the working of miracles, to another prophecy, to another discerning of spirits, to another different kinds of tongues, to another the interpretation of tongues. But one and the same Spirit works all these things, distributing to each one individually as He wills."
All the gifts of the Holy Spirit are good and Paul calls upon each of us not only to desire them but also to stir them up with the Lord. "Do not neglect the gift that is in you Meditate on these things, give yourself entirely to them, that your progress may be evident to all" 1st Timothy 4:14 We should therefore pray that all these gifts are released to us.
Paul however placed a lot of importance on developing this gift of prophecy. In 1st Corinthians: 1 he says, ".. and desire spiritual gifts, but especially that you may prophesy" In 1st Corinthians 14:39 he says, "Therefore, brethren, desire earnestly to prophesy." In 1st Thessalonians 5:19, he also says, "Do not quench the Spirit, do not despise prophecies."
The Bible tells us that God uses the gift of prophecy to speak edification, exhortation, and comfort to people (1 Corinthians 14:4)
Prophecies from the Lord cover a wide range of situations and issues. They include predicting future events like most of the Old Testament prophets did. They also include application of scripture to present day conditions and people�s lives. This includes giving counsel, encouragement, and comfort. A prophet also corrects rebukes and trains in righteousness so that the servant of God may be thoroughly equipped for every good work. (2 Timothy 3:16-1,NIV)
Prophesy therefore builds the church from the individual level to the community. Strive to acquire the gift and play a bigger role in the Great Commission.