As today’s new economy has largely become knowledge-based and technology-driven, with technology becoming the determinant of the competitive position of the nation states in all key socio-economic indicators, the lack of technological development capability is the greatest factor undermining the sustainable development efforts of the poor countries of Sub-Saharan Africa, which Nigeria and indeed, Bayelsa State is part of. This paper therefore, exposes the acute disparities in science, technology, and knowledge for development that exist between the technologically advanced and rich countries on the one hand, and the poor developing world on the other. It also shares some perspectives on the broad issues of technological development capacity building, research and development (R&D) and innovation, the strategies to tackle this common challenge facing developing countries and their regions, the implications for improved standards of living and competitiveness, and the importance of inter-agency coordination for effective and coherent policy action. The paper equally highlighted the role of the National Centre for Technology Management (NACETEM) towards capacity building in science, technology and innovation (ST&I) management in Nigeria and concludes with the proposition of some strategic steps for the building of ST&I capacity as posited by the World Bank in 2008.