The Nigeria economy requires Mathematics that can effectively put science and technology in the for-front of nation building. This paper reviewed the role of Mathematics in Science and Technology and the nature of Mathematics that would facilitate the realization of a dynamic economy. The challenges of Mathematics education in the 21st century were highlighted to include: i. Incorporating new developments in Science and Technology into Mathematics, ii. Acceleration of programs for the continued professional development of teachers; and iii. Need for Mathematics educators to find new assessment instruments that reflect the new expectation of mathematics education.