Aside from the Middlesbrough striker Kelechi Iheanacho, captain Ahmed Musa, who was part of the provisional squad, got droped, along with Gabriel Osho and goalkeepers Maduka Okoye and Adeleye Adebayo.
Joining reigning African Player of the Year Lookman in the final list are Samuel Chukwueze, William Troost-Ekong, and Victor Boniface.
Nigeria will face Rwanda away on March 16 before hosting Zimbabwe at the Godswill Akpabio Stadium seven days later.
Final Nigeria squad
Goalkeepers: Stanley Nwabali (Chippa United/RSA), Amas Obasogie (Singida Blackstars/TAN), Kayode Bankole (Remo Stars)
Defenders: William Ekong (Al-Kholood/KSA), Bright Osayi-Samuel (Fenerbahce/TUR), Bruno Onyemaechi (Olympiakos/GRE), Calvin Bassey (Fulham/ENG), Ola Aina (Nottingham Forest/ENG), Igoh Ogbu (Slavia Prague/CZE)
Midfielders: Wilfred Ndidi (Leicester City/ENG), Raphael Onyedika (Club Brugge/BEL), Alhassan Yusuf (New England Revolution/USA), Alex Iwobi (Fulham/ENG), Joe Aribo (Southampton/ENG), Papa Daniel Mustapha (Niger Tornadoes)
Forwards: Samuel Chukwueze (AC Milan/ITA), Victor Osimhen (Galatasaray/TUR), Ademola Lookman (Atalanta/ITA), Victor Boniface (Bayer Leverkusen/GER), Moses Simon (Nantes/FRA), Sadiq Umar (Valencia/ESP), Nathan Tella (Bayer Leverkusen/GER), Tolu Arokodare (Genk/BEL)