Higher exposure rate to certain chemicals found in processed foods that reduce iodine absorption and a depletion in the amount of iodine found in soil have been reported to be detrimental to health. This study seeks to examine the consumers' acceptability and willingness to pay a price premium for iodine-enriched tomatoes in Abeokuta, southwest, Nigeria. Primary data were used to collect a sample of 300 respondents. The data were analyzed by descriptive statistics and Contingent Valuation Method (CVM) under double bounded dichotomous choice approach. The use of dichotomous choice (DC) method in explaining the willingness to pay (WTP) in contingent valuation studies is a common method in Economics. Research has shown that double-bounded Dichotomous Choice methods provide statistically superior outcomes than single bounded methods, given appropriate sampling design. Results from the socioeconomic characteristics of the respondents revealed a mean age of 42 years and are mainly (83%) in their economic active age (<50 years), 69% male respondents, 63% were married and 53% of the respondents had prior knowledge of iodine-biofortified tomato. It was also revealed that 58% of the respondent are willing to accept and pay a premium for iodine-biofortified tomato. Although, the proportion of the respondents who were willing to pay generally decreases with increases in price. It is concluded that age, level of education, income, prior knowledge and bid price were the significant factors influencing respondents' willingness to pay a price premium for iodine-biofortified tomato in the study area.