The decision was made during a cabinet meeting after holding a minute of silence in memory of Pele, who passed away on December 29 at the age of 82, according to a statement from the government of the West African nation.
The regional stadium can accommodate approximately 15,000 spectators.
Bafata is located approximately 150 kilometres (90 miles) east of Bissau, the nation's capital.
Wednesday, the Prime Minister of Cape Verde declared that the stadium in the country's capital city, Praia, will likewise be renamed "Pele Stadium."
The two African nations changed the names of their stadiums in response to FIFA president Gianni Infantino's request that each member nation of the world football association name one of its stadiums after a prominent player.
Thousands of fans and football dignitaries arrived at the stadium of the Brazilian team Santos, with whom Pele had played from 1956 to 1974, to offer their respects following Pele's death.
Pele's ultimate burial site was a 200-square-meter (2,150-square-foot) mausoleum in Santos' vertical cemetery, where a large number of admirers paid their respects.
(Source: eyewitnessngr.com)