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Knowledge management can be closely linked with activities that overlapped with library practices. Lack of credence on how this two concept interwoven makes library and information science professionals to held distinct understanding of the concept knowledge management, most especially on how it relate to librarianship and information management, and at that, that there is no unity of consensus on which knowledge management definition should be considered universally acceptable. The study adopted a survey research design in exploring the perception and attitude of library and information science professionals in Nigeria toward knowledge management. Certified librarians in Nigeria (CLNs) constitute the unit of analysis and their total population stood at 5,437 from which a sample size of 3,000 was drawn using clustered random sampling techniques. Questionnaire is the instrument for data collection which was administered on a web-based platform, Proprofs survey maker (www.proprofs.com). But due to difficulties associated with web-based questionnaire, Only 389 participants respond to the survey, and a total number of usable, fully completed questionnaire is 369. Collected data was subjected to descriptive statistical analysis. The study reported that LIS professionals in Nigeria perceived knowledge management as an allied field of study that expands the horizon of the profession, even though some still perceived it as another name for information management or librarianship in another cloth/case of old wine in new bottle. Most participants prefer IFLA definition of KM to other definitions. In order to embrace the opportunities and as well curb the threats of knowledge management to library and information science profession, the study suggested that regulatory bodies and library associations should educate professionals on the position of LIS professionals in knowledge management through seminars, research report, conference proceedings, symposiums and any other means at their disposal.