Sahib Nuraddin oglu Alakbarov graduated from the Azerbaijan Oil and Chemistry Institute in 1972 and from the Moscow Academy of Social Sciences in 1984.

From 1974, he worked as an engineer at the Bilajari Junction of the Azerbaijan Railways. From 1975 to 1996, he held various positions in Komsomol and at party organizations. From 1996 to 2005, he worked in various roles in the private sector. He was a deputy of the Supreme Soviet of the Azerbaijan SSR for two terms and served as the Chairman of the Youth Commission.

From 2005 to 2009, he was the Head of the Executive Power of Sabail District in Baku. From 2009 to 2010, he served as the Deputy Chairman of the State Statistical Committee of the Republic of Azerbaijan. From 2010 to 2020, he was the Deputy Minister of Taxes of the Republic of Azerbaijan.

In accordance with the Order of the President of the Republic of Azerbaijan dated April 1, 2020, he was appointed the Deputy Minister of Economy of the Republic of Azerbaijan.

According to the Order of the President of the Republic of Azerbaijan, he was awarded the 3rd degree "For Service to the Motherland" order on February 11, 2020, the "Shohrat" order on January 10, 2022, as well as numerous medals.

In February 2012, he was elected as the Vice-President of the Azerbaijan Cycling Federation. Since 2013, he has been the First Vice-President of the Federation. As one of the founders of the Cycling Federation of independent Azerbaijan, Sahib Alakbarov contributed to the development of cycling in Europe as a member of the 7-person Board of Directors of the European Cycling Union from 2017 to 2021. He was one of the initiators and organizers of the international cycling race "Tour d’Azerbaijan", held from 2013 to 2017, and the BMX World Championship conducted in Baku in 2018.