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You could either remove it, patch the wall and paint or put 1/4 inch sheetrock over it, tape, plaster, and paint or you could just paint it.
You can always paint over paneling, the cheap kind or any other. Of course the groves in the paneling will show, but that will just give the wall character, I would use a satin finish.
Paint it lighter. I had dark and we painted it white. Turned out good.
Paint it lighter. I had dark and we painted it white. Turned out good.
Hang drywall and paint it any beautiful color you wish. ☺️