Mr Drakeford said bringing in new restrictions was necessary to not only reduce the spread of the virus but to prevent the NHS from becoming overwhelmed in the coming months.
As it stands, an estimated 2.3million people in Wales are living under local lockdown rules.
Northern Ireland has also undertaken a lockdown, lasting four weeks, and with pubs and restaurants closed to the public.
Schools will also close for a two-week period, which will coincide with the half-term break at the end of October.
UK officials have criticised the Government in recent weeks for failing to provide adequate financial support to workers forced to stay home due to lockdown restrictions.