Ferdinand, 29, is in Lagos promoting education through football and making plans to build an academy.
And he told the England star that Fiwagboola means 'character maketh wealth'.
Ferdinand said: "I'm a little embarrassed to be named a Chief, I'm not sure I'm worthy.
"It's something to tell the lads. I'm sure they'll be very happy to call me Chief."
He launched the country's street soccer festival for kids and played a game against a team captained by the Governor of Lagos.
The Governor said: "I hope this visit by Rio will inspire the young in our country today."