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In today’s knowledge economy, knowledge is the most vital factor in the long term success of an individual or organization, and such knowledge resides in databases, file cabinets and people's mind, which were to be shared right across the organization. Librarians as knowledge professionals are expected to be aware of what organization knowledge asset is, how to manage such knowledge as well as making relevant use of such asset to get maximum satisfaction for clientele. The study adopted a survey research design in assessing the knowledge management competencies of library and information science professionals in Nigeria. Certified librarians in Nigeria (CLNs) constitute the unit of analysis and their total population stood at 5,025 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, (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 traditional library skills are part of knowledge management spectrum and processes, indicating that knowledge management is highly relevant to librarianship. LIS professionals were tested to limit on their level of competencies in knowledge management processes and they were not found wanting as they were found to be highly proficient in almost all processes involved in knowledge management. The study recommended staff training and development for all staff as this will improve staff's quality and position them for knowledge management initiative. The expertise knowledge of staff members should be appreciated by been inventoried, indexed regularly and be made accessible to others. Organizations should encourage transfer of knowledge and experience of experienced staff to new staff member through mentoring program, informal seminars, discussion session where staff members can interact and exchange knowledge.