The 23-year-old joined Marco Silva's men in a deal worth £40 million on transfer deadline day, having made 148 appearances for his boyhood club since making his Gunners debut in 2015.
Yobo believes that the transfer was the right move for his compatriot, and is confident that the Super Eagles international will be an asset for his new club.
“I must commend Alex Iwobi for making that bold move. Everton is a quality team and I’m happy as an Evertonian that we acquired a talent like him,” Yobo told Goal. “I think the main reason behind this is his playing time, and I’m sure he will get that but he has to work harder than what he does in Arsenal.
“Apart from that, he’s got everything to succeed and I’m not surprised that huge bid was made for him.
“In my own opinion, it’s a good move because staying with Arsenal, who brought in [Nicolas] Pepe, will reduce his playing time. Here, he will learn more which will make him grow and more matured in the game.”
Since joining Arsenal's academy, Iwobi has never before sampled life at another club, and has only ever played under two managers - Arsene Wenger and Unai Emery.
Yobo has warned that he'll have to adapt to life at Everton, but that the attacker is up to the challenge.
“Nigeria do not play like Arsenal yet he plays very well and that’s why I say the Super Eagles will benefit from this move because we’ll see a better Iwobi,” he continued.
“Nigeria will benefit more because we will see a more tactically disciplined and physically fit Iwobi because his talent has always been there. That will make him a more complete player.
“Although I agree that these teams play a different kind of football, I believe Everton are more structured. Arsenal are a good footballing side and play free-flowing football, but football doesn’t work that way.
“They have not been disciplined defensively in the past few years and that’s why they haven’t really won anything.
“Everton are a growing club, just a little bit behind the top four," the former defender concluded. "We can only wish him good luck and hope he gets the goals which will give him more confidence.”