Wenger has been under huge pressure at Arsenal following their annual Champions League and Premier League title collapse.
A series of protests have held at the Emirate Stadium while fans paid for a plane to fly a ‘Wengerout’ banner across The Hawthorns during Arsenal’s 3-1 loss to West Brom on Saturday, March 18.
Iwobi has however called for more respect for the manager who has been at Arsenal since 1996.
“They need to have a bit more respect in my opinion,” Iwobi told Daily Mailafter playing in Super Eagles 1-1 draw with Senegal in a friendly game played on Thursday, March 23.
“I mean, he's been at the club for 20 years, he's achieved a lot, obviously they're a bit impatient with the results and where they want to finish.
“We also want to finish there, we want to win the league like anyone else, I can guarantee we are trying our hardest.
“Whatever happens we are the players, we affect the result. We don't really look at the banners or what fans are screaming, we focus on trying to do our jobs on the pitch.”
Although it has been reported that he has agreed on a new two-year contract at Arsenal, Wenger is yet to publicly reveal anything about his future and Iwobi revealed that the players are also in the dark about it.
“Honestly, I'm waiting as much as you guys are. I don't know exactly what's going on. But me, personally, I'd like him to stay.
“No matter who is in the job, or who gets the role, we're always going to fight for the manager, every player always gives 100 percent, no matter what, we'll just play.
“He always backs our players and he is a great man. He's been great to me as well, I'll always back him, no matter what.
“For what he's done for me, I'd like to say thank you, for bringing me into such a world-class team, and I'm playing almost regularly.”
Iwobi is still with the Nigerian national team ahead of their friendly game against Burkina Faso on Monday, March 217.
After that, he returns to Arsenal as they prepare for their Premier League clash against Manchester City.