The Super Eagles open their Group C campaign on December 23 against Tanzania, then face Tunisia four days later and Uganda on December 30.
Group winners and runners-up qualify automatically for the knockout stage, and the best four third-placed teams from six mini-leagues also advance to the round of 16.
Nigeria and Tunisia are favoured to occupy the top two places, with the east African sides battling for third spot and possible survival.
Turkey-based Osimhen was voted the outstanding African player in 2023 and Lookman from Italian outfit Atalanta succeeded him. Morocco captain and defender Achraf Hakimi topped the poll this year.
Nigeria are blessed with so much forward talent that Ivory Coast-born coach Eric Chelle has chosen nine. Three goalkeepers, eight defenders and eight midfielders complete the squad.
A forward who did not make it, however, was Victor Boniface from Bundesliga club Bayer Leverkusen. Recent Wolverhampton Wanderers signing Tolu Arokodare also misses out.
Premier League club Fulham supply three of the squad – centre-back Calvin Bassey, midfielder Alex Iwobi, and on-loan striker Samuel Chukwueze.
Chukwueze, on loan from AC Milan with the Cottagers having an option to make the deal permanent, scored twice in a recent 5-4 loss to Manchester City.
Chelle included currently injured first choice goalkeeper Stanley Nwabali from South African Premiership side Chippa United.
Nigeria have won the AFCON three times, most recently when they edged Burkina Faso 1-0 in the 2013 final in Johannesburg. Last year, they were runners-up to hosts Ivory Coast.
They will face fellow AFCON title contenders Egypt in a warm-up match in Cairo on December 16, then fly to Fes, the Moroccan city where they will play all their first round matches.
Squad
Goalkeepers: Stanley Nwabali (Chippa Utd/RSA), Amas Obasogie (Singida Black Stars/TAN), Francis Uzoho (Omonia/CYP)
Defenders: Calvin Bassey (Fulham/ENG), Semi Ajayi (Hull City/ENG), Bright Osayi-Samuel (Birmingham City/ENG), Bruno Onyemaechi (Olympiacos/GRE), Chidozie Awaziem (Nantes/FRA), Zaidu Sanusi (Porto/POR), Igoh Ogbu (Slavia Prague/CZE), Ryan Alebiosu (Blackburn Rovers/ENG)
Midfielders: Alex Iwobi (Fulham/ENG), Frank Onyeka (Brentford/ENG), Wilfred Ndidi (Besiktas/TUR), Raphael Onyedika (Club Brugge/BEL), Tochukwu Nnadi (Zulte Waregem/BEL), Fisayo Dele-Bashiru (Lazio/ITA), Ebenezer Akinsanmiro (Pisa/ITA), Usman Muhammed (Ironi Tiberias/ISR)
Forwards: Chidera Ejuke, Akor Adams (both Sevilla/ESP), Ademola Lookman (Atalanta/ITA), Samuel Chukwueze (Fulham/ENG), Victor Osimhen (Galatasaray/TUR), Moses Simon (Paris FC/FRA), Paul Onuachu (Trabzonspor/TUR), Cyriel Dessers (Panathinaikos/GRE), Salim Fago Lawal (Istra 1961/CRO)
