diff --git a/CHANGELOG.md b/CHANGELOG.md
index d9b5b8cab..5dcd56900 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,18 @@
 # NVIDIA Container Toolkit Changelog
 
+## v1.16.2
+- Exclude libnvidia-allocator from graphics mounts. This fixes a bug that leaks mounts when a container is started with bi-directional mount propagation.
+- Use empty string for default runtime-config-override. This removes a redundant warning for runtimes (e.g. Docker) where this is not applicable.
+
+### Changes in the Toolkit Container
+- Bump CUDA base image version to 12.6.0
+
+### Changes in libnvidia-container
+- Add no-gsp-firmware command line option
+- Add no-fabricmanager command line option
+- Add no-persistenced command line option
+- Skip directories and symlinks when mounting libraries.
+
 ## v1.16.1
 - Fix bug with processing errors during CDI spec generation for MIG devices
 
@@ -9,7 +22,6 @@
 ### Changes in the Toolkit Container
 - Bump CUDA base image version to 12.5.1
 
-
 ## v1.16.0-rc.2
 - Use relative path to locate driver libraries
 - Add RelativeToRoot function to Driver
diff --git a/deployments/devel/Dockerfile b/deployments/devel/Dockerfile
index c0d965155..2e255541d 100644
--- a/deployments/devel/Dockerfile
+++ b/deployments/devel/Dockerfile
@@ -14,7 +14,7 @@
 
 # This Dockerfile is also used to define the golang version used in this project
 # This allows dependabot to manage this version in addition to other images.
-FROM golang:1.23.0
+FROM golang:1.23.1
 
 WORKDIR /work
 COPY * .
diff --git a/deployments/devel/Makefile b/deployments/devel/Makefile
index 2daef226d..ace377dd1 100644
--- a/deployments/devel/Makefile
+++ b/deployments/devel/Makefile
@@ -34,3 +34,10 @@ DOCKERFILE_CONTEXT = deployments/devel
 		--tag $(BUILDIMAGE) \
 		-f $(DOCKERFILE_DEVEL) \
 		$(DOCKERFILE_CONTEXT)
+
+modules:
+	go mod tidy
+	go mod verify
+
+check-modules: modules
+	git diff --quiet HEAD -- go.mod go.sum
diff --git a/deployments/devel/go.mod b/deployments/devel/go.mod
index 180bd2102..9579f0cd6 100644
--- a/deployments/devel/go.mod
+++ b/deployments/devel/go.mod
@@ -1,6 +1,8 @@
 module github.com/NVIDIA/k8s-device-plugin/deployments/devel
 
-go 1.22
+go 1.22.1
+
+toolchain go1.23.1
 
 require (
 	github.com/golangci/golangci-lint v1.60.1
diff --git a/scripts/build-packages.sh b/scripts/build-packages.sh
index 0fc1b0364..1411afb70 100755
--- a/scripts/build-packages.sh
+++ b/scripts/build-packages.sh
@@ -31,17 +31,8 @@ else
     targets=${all[@]}
 fi
 
-if [[ x"${SKIP_UPDATE_COMPONENTS}" != x"yes" ]]; then
-    echo "Updating components"
-    "${SCRIPTS_DIR}/update-components.sh"
-    if [[ -n $(git status -s third_party) && ${ALLOW_LOCAL_COMPONENT_CHANGES} != "true" ]]; then
-        echo "ERROR: Building with local component changes."
-        echo "Commit pending changes or rerun with ALLOW_LOCAL_COMPONENT_CHANGES='true'"
-        exit 1
-    fi
-else
-    echo "Skipping update of components"
-fi
+git submodule update --init
+git submodule status
 
 eval $(${SCRIPTS_DIR}/get-component-versions.sh)
 
diff --git a/third_party/libnvidia-container b/third_party/libnvidia-container
index 4c2494f16..921e2f319 160000
--- a/third_party/libnvidia-container
+++ b/third_party/libnvidia-container
@@ -1 +1 @@
-Subproject commit 4c2494f16573b585788a42e9c7bee76ecd48c73d
+Subproject commit 921e2f3197385173cf8670342e96e98afe9b3dd3
diff --git a/versions.mk b/versions.mk
index b45626f5e..589088936 100644
--- a/versions.mk
+++ b/versions.mk
@@ -13,7 +13,7 @@
 # limitations under the License.
 
 LIB_NAME := nvidia-container-toolkit
-LIB_VERSION := 1.16.1
+LIB_VERSION := 1.16.2
 LIB_TAG :=
 
 # The package version is the combination of the library version and tag.