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This paper traced origin of library and information science education in Nigeria to the advent of new technologies in academic libraries. It investigated professional competencies that are currently expected of library professionals in academic libraries. The population comprised 89 professionals in South East of Nigeria Federal Universities. Copies of a structured questionnaire were used for data collection from respondents. Sixty-three (63) responses were received giving a response rate of 70.79%. The study centered on knowledge-based and skills’-based acquisition. It also presented qualitative treatment of attitude. Data collected were analyzed using percentages, mean scores and correlation coefficient. Findings of the study showed positive correlation between acquired and applied knowledge from library school and place of work respectively but found no correlation between acquired and applied skills from library school and place of work respectively. Elements of knowledge such as metadata development, software development and digital technologies were acquired from library school by 44.54%, 30.17% and 14.10% of professionals respectively. Skills such as website development, web page design, web page maintenance and database management were acquired from library school by 25.17%, 15.66%, 15.66% and 30.17% of professionals respectively. The paper recommended revision of library schools’ curricula to make the content reflect prevailing demands of the labour market.