Former Sweden coach Andersson, 61, had been in talks with the NFF and looked the frontrunner to take charge with compatriot Peter Wettergren as his assistant.
But the Swede was only available in November due to “personal commitments”.
Despite accepting a lucrative offer, two-time Nations Cup winner Renard, 55, failed to make plans for signing his contract, forcing the NFF to look elsewhere as they searched for Finidi George’s successor.
Former Super Eagles forward George stepped down earlier this year only two matches into a two-year contract following a poor start to World Cup qualification.
The failure to land Renard or Andersson came as a huge blow to NFF president Ibrahim Gusau, who had been negotiating intensely with both camps.
In a race against time, the NFF opened talks with Labbadia, former Sunderland, Brighton and Greece manager Poyet, Karanka, who had spells in charge of Nottingham Forest and Middlesbrough, and former Italy captain Cannavaro.
But Labbadia, who holds a UEFA Pro License and previously managed Hertha Berlin, Wolfsburg, Hamburg and Bayer Leverkusen in his homeland, was the preferred choice.
In a statement, NFF general secretary Mohammed Sanusi said: “The NFF Executive Committee has approved the recommendation of its Technical and Development Sub-Committee to appoint Mr Bruno Labbadia as the head coach of the Super Eagles. The appointment is with immediate effect.”
