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Every nation in the world aspires for its development because it guarantees the wellbeing of its people. This development, which is referred to as national development, involves various facets of development such as economic development, political development, educational development, manpower development, rural development and so on. Economic development and political development are like two sides of a coin. They seem to be inseparable as one influences the other. These two components of national development are essential to any country across the globe. Hence, nearly all nations in the world make earnest effort at achieving these aspects of national development. A number of factors are believed to contribute to economic and political development of a country. The examination of the contributions of these factors to such development, especially in connection with developing countries, is, therefore, crucial. One of these factors is the library. The available related previous papers tend to be sketchy and seem to have failed to provide detailed contextual background about the role the library plays in the economic and political development of Nigeria. Thus, this paper explored the role of the library in the development of Nigeria, with emphasis on the role it plays in the economic and political development of the nation. In realizing this purpose, the paper reviewed the concepts of library and national development. Then, it provided insight into the types of libraries and general roles of the library. It further reviewed the role of the library in the economic and political development of Nigeria. The paper also examined the challenges confronting Nigerian libraries in their attempt to contribute to the economic and political growth of the country. Finally, the paper drew conclusion and made recommendations.