Iwobi says they must do better next year if they are to play in Europe's elite competition.
He said, "Obviously we want to get back in to Champions League football.
"We haven't spoken about where our targets are for next season, but I'm sure he'd [Emery] want to improve.
"The whole team would want to improve on the previous season we had and try to get to that Champions League.
"And, if not, win as many competitions, including the Europa League as well."