The Gunners made a tough start to the season following a return of three points from their opening three Premier League games after defeats at Stoke City and Liverpool.
Arsenal suffered a chastening 4-0 loss to title rivals Liverpool at Anfield at the end of August to raise serious questions about their ability to challenge for the Premier League crown.
The north London side have bounced back in September with a four-game unbeaten run following victories over Bournemouth, Brighton and West Bromwich Albion.
Arsenal battled to a goalless draw with defending Premier League champions Chelsea at Stamford Bridge in the absence of key players Mesut Ozil and Alexis Sanchez.
Iwobi has excelled in the Arsenal team in the absence of Ozil and the Nigeria international scored the Gunners’ second goal in a 2-0 victory over promoted side Brighton.
The Arsenal midfielder is adamant the north London side can still challenge for the Premier League title this season despite trailing Manchester City by six points.
“Yes we’re always up for the challenge, we just have to be consistent, which is the key thing in the league,” Iwobi told Arsenal’s website.
“It’s no sprint, it’s a marathon, so we just have to keep on going and see where we end up.”
The Gunners finished in fifth place in the Premier League table last season.
Arsenal won the FA Cup last season thanks to a 2-1 victory over Chelsea.
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