IBM has a small technote about it here:
http://www-01.ibm.com/support/docview.wss?uid=nas132a5b814255ceda18625696200524204
http://tinyurl.com/26qt4jf
It states that...
..."*NOLIBRARY is a general name given to those objects that do not have a
library address. The size of *NOLIBRARY is determined by the number of
unassigned objects in *NOLIBRARY. *NOLIBRARY is not a real library and
cannot be used as one.
"...
Not to be confused with *NOLIB.
HTH,
Luis Rodriguez
IBM Certified Systems Expert — eServer i5 iSeries