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Libraries are critical contributors to knowledge generation and management. The paper discusses the advances in computing and telecommunication technology which have turned the world into a global village. It highlights the role of the library in knowledge management, delivery, and dissemination, and asserts that library is indeed the home of knowledge. The paper further maintains that the role of the library as a repository and provider of knowledge has been accentuated as fully developed virtual and digital libraries appear to render limitless services. Finally, some of the challenges that hinder libraries from achieving the role of driving access to knowledge in the 21st century are mentioned and remedies suggested.