Nanotechnology is a field where scientific knowledge and ideas emanating from the sub-atomic, atomic and molecular levels are applied in the manufacture of new and smart materials. Nanotechnology makes use of the novel properties exhibited by materials in the nanoscale. Nanocrystalline materials have microscopic grain sizes of up to 100 nm with remarkably distinct optical, electrical, chemical, mechanical properties different from those of bulk materials. Nanoparticles can be used to develop materials with unique properties since the number of atoms on the surface of a particle in the nanoscale is comparable to that inside the particle. Hence in order to meet the advanced technological demands in the areas such as electronics, catalysis, ceramics, magnetic data storage, structural components etc., it is important to make use of materials in the nanometer scale. Nanotechnology is a rapidly growing field of science which encompasses researchers and scientists from the areas of biology, chemistry, engineering, materials science, and physics. This technology provides the basis for research and manufacture of materials in the 21st century. In addition, this interdisciplinary technology will provide a strong platform for the growth of the pharmaceutical industry, medical diagnosis, materials industry and the overall economy of the country which will eventually enhance the creation of job opportunities, food security, good health and affordable housing in line with the government’s “big four” agenda. It promises improved efficiency in ICT equipment used in computing, data storage (chips) and communications (fiber optics). It can be used to develop renewable energy sources such as solar cells and panels. It can also be utilized to synthesize filters that can be used to get rid of pollutants; contaminants, harmful salts and viruses in water and sewerage systems and for the diagnosis and treatment of diseases including cancer and to restore damaged human organs or tissues using engineered tissue.