Now regarded as one of the favourites after those two big wins against Cameroon and South Africa, Iwobi says Nigeria is cautious about getting carried away.
“Normally you have to ignore and not pay attention to it,” Iwobi told BBC Sport.
“It’s a hard one to say. There’s still Algeria, Senegal and Tunisia. All four of us are capable of winning. We’ve all got quality players. I wouldn’t know who’s the favourite at this point in time.
“Even though we were able to win two games in the group stage, it wasn’t the greatest performance but sometimes you know you don’t have to play well to win games.
“Against Cameroon and South Africa I’d say we’ve done well, we dug deep. But it’s not the end, we have to continue against Algeria, we are very confident as we are able to beat the holders and a team that beat the hosts.
“It gives us confidence but we will stay with a bit of humility and hopefully go on and win the game.”
However, Arsenal forward Iwobi is not bothered about past history involving Nigeria and Algeria but maintained that winning the semifinal match against Algeria was the goal.
“We are not worried about the way they’ve played and their unbeaten run. We just have to try and win it. Algeria is one of the great teams in Africa,” he said.
“We know it’s not going to be easy, they’ve got quality players but so do we. It’s going to be a great game to watch, let’s hope Nigeria can do it.
“If we manage to achieve success here, we will go down in history. I know it’s always been our childhood dream to win as many competitions as we can.”