covering shiplap

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I have numerous closets and cabinets with the old shiplap visible on the back wall. Please help me out in figuring what my options are in covering the shiplap. I was told by various poeple that I'd either have to: drywall, vinyl/plastic covering glued to the wood, wood paneling or some form of plaster/stucco. What would be the most economical and easiest to install? Thanks in advance.