The Super Eagles will play away first to the Walya Antelopes in October, before hosting the second leg at home in Nigeria.
Ethiopia are the least-ranked of the 10 teams that qualified for the final phase of the series, with a FIFA ranking of 93 and 25th in Africa, compared to Nigeria's 36th place.
The odds favour the African champions in this draw. In 7 previous meetings, they have won 5, drawn 1 and lost just once to Ethiopia.
By far the toughest draw of the round features Ghana against Egypt, while Africa's top-ranked team Côte d'Ivoire get to play Senegal in a repeat of their 2013 African Nations Cup qualifying.
The first leg of the ties happen in between October 11-15 with the second legs taking place between November 15-19.
Ethiopia v Nigeria
Ivory Coast v Senegal
Ghana v Egypt
Tunisia v Cameroon
Burkina Faso v Algeria