It is stated that having good health is a primary right of human and a key component of sustainable development. The UN identified health and well-being as one of the sustainable development goals due to the significance of health outcomes for national development. However, to improve the health outcomes of citizens, governments adopted a new approach named bioeconomy. Bioeconomy is identified as an effective way to enhance human health. The term “bioeconomy” refers to all industries and systems that rely on the production of food, feed, medicines, vaccines, and energy using biobased resources. Many nations, especially those in the Global South, have embraced the bioeconomy to provide medications, vaccines, and diagnostic test kits that will improve human health. The Nigerian government also embraced the bioeconomy to improve health outcomes Nigeria is now able to produce test kits, such as TRI-MALARIA, TRI-SYPHILIS, and TRI-HBsAg test kits, thanks to the application of biotechnology. Secondary data from 1980 to 2020 were used in the study. The Generalized Method of Moment approach was used in this investigation. It was discovered that Nigerian health outcomes are significantly and negatively impacted by the bioeconomy. The study concludes that the bioeconomy does not improve health outcomes in Nigeria. The study recommends that the government should grant incentives to the private sector to encourage more investors into industry, resulting in increase in the production of biomedicines.