Currency Stability, Industry Unity Critical to Marketing Communications Growth, Says Babaeko

… Shares Insights On Going Global

Steve Babaeko, is a trailblazing industry leader in the Nigeria’s advertising landscape and Group CEO/CCO of X3M Ideas Group. In this interview, he offers a comprehensive perspective on the marketing communications industry’s trajectory in 2024 and beyond. Babaeko who is also the immediate past President of the Association of Advertising Agencies of Nigeria (AAAN) and current President of the International Advertising Association (IAA), Nigerian Chapter, discusses everything from the impact of technological advancements on creative capabilities to the stabilization of the Naira and its effects on business operations.

He shares valuable insights on international expansion, drawing from X3M Ideas’ successful cross-border ventures, while also addressing the pressing need for industry unity and collaboration. As the Chairman of ARCON’s Brand Nigeria Project, he reveals progress on the nation branding campaign and discusses upcoming opportunities in sports marketing, particularly around the Africa Cup of Nations. Adding to his contributions to the industry, Babaeko also announces three forthcoming books that promise to share his expertise in African brand archetypes, personal journey, and business insights. Excerpts:

How would you describe the IMC business terrains of 2024?

The rapid expansion of technology continues to redefine the landscape of the marketing communications industry, pushing the boundaries of what is possible. The emergence of new tech tools has not only enhanced our creative capabilities but has also provided us with greater flexibility to explore uncharted territories and deliver more impactful campaigns.

While 2024 presented its fair share of challenges—particularly due to macroeconomic pressures that tested resilience across industries—it was also a year of remarkable opportunities. The intersection of innovation and creativity allowed us to navigate uncertainties while breaking new ground, proving once again that adaptability and forward-thinking are the keys to sustained success in our evolving industry.

What government policies and rules do you feel will benefit the private sector this year, especially service providers like agencies?

First and foremost, credit must be given to the Federal Government, particularly the Central Bank of Nigeria, for taking decisive steps to stem the steep decline of the Naira against global currencies. Stabilizing the currency in such turbulent economic times is no small feat, and this effort has provided a much-needed respite for businesses and individuals alike.

However, the next crucial step must be to not just halt the decline but to actively strengthen the Naira to more sustainable levels. A stronger, more stable currency would help rein in inflation and lower interest rates, creating a more conducive environment for economic growth. For employers, one of the most pressing concerns remains the rising cost of doing business. It is our hope that the government will introduce tax breaks and other incentives to encourage job creation and prevent workforce reductions.
These are undoubtedly challenging times for businesses and households across the country, but with the right policies and sustained economic discipline, we can navigate these difficulties and set the nation back on a path to prosperity. The road ahead may still be tough, but there is hope that we will emerge stronger in the long run.

We know the CAF Nations Cup is in December for agencies and advertisers to exploit, what are the other expected action spots for 2025?

The Africa Cup of Nations (AFCON), though a continental tournament, has increasingly captured the attention of a global audience. The sheer artistry, passion, and skill on display make it a spectacle that transcends borders, drawing in football lovers from all corners of the world. At X3M Ideas, we had the privilege of bringing this excitement to life through our dynamic and engaging creatives for DStv during the last AFCON. With another edition on the horizon, we are more than ready to craft even more memorable campaigns that celebrate the magic of African football.

Beyond AFCON, the sporting calendar offers another major highlight—the IAAF World Athletics Championships in Japan later this year. While years without the World Cup or the Olympics might seem quieter on the global sports stage, events like AFCON and the World Championships provide plenty of thrilling moments for brands and audiences alike. And if history is anything to go by, AFCON remains a must-watch, promising unforgettable action both on and off the pitch.

Apart from some internal wrangling, what were the key challenges that the advertising industry faced last year? How do you think they can be resolved?

From my perspective, the internal wrangling within the industry has been nothing short of missed opportunities. At a time when collaboration and strategic thinking are most needed, divisions and discord only serve to slow down progress. This is a critical moment for all stakeholders—clients, agencies, media organizations, and regulators—to come together in sincere dialogue and collectively chart a way forward for the industry.

As a former President of the Association of Advertising Agencies of Nigeria (AAAN), I have played my part, contributed my quota, and passed the baton to the next generation of leaders. However, the pressing issues that have long plagued our industry still remain, and it is imperative that we resolve them sooner rather than later.

In my view, the only way to achieve lasting solutions is for all parties to put aside personal egos, embrace the bigger picture, and engage in meaningful discussions with ARCON, the regulatory body. A unified, structured approach is the only path toward building a stronger, more sustainable industry that benefits all players. The future of marketing communications in Nigeria depends on our ability to work together, and I sincerely hope we can rise to the occasion.

You are one of the few players that have successfully crossed the borders with your agency and you have been so successful over the years. Can you share some tips on going global that others can learn from?

Entering and thriving in a new market requires more than just a solid business strategy—it demands humility, cultural sensitivity, and a deep respect for the host community. Success in any new environment is not just about what you bring to the table but also how well you integrate, adapt, and contribute meaningfully to the ecosystem.

The key to sustainable growth lies in being a responsible corporate citizen. This means understanding and respecting local customs, engaging with stakeholders genuinely, and committing to ethical business practices. Adhering to the rules and regulations of the market is not just a formality; it is a demonstration of integrity and long-term commitment.

When a company approaches expansion with an open mind, a willingness to learn, and a dedication to making a positive impact, the journey becomes smoother. Challenges may arise, but with the right mindset and respect for the local landscape, success becomes not just possible but inevitable.

As the President of The International Advertising Association, (Nigeria Chapter) what steps would you take this year to connect the industry internationally, and grow professionalism to global standards?

I would like to take this opportunity to invite all marketing professionals, whether on the client or agency side, to register with the International Advertising Association (IAA) today. This is an invaluable opportunity to join a global network that has been at the forefront of promoting talent development, creativity, and innovation for over eight decades. The IAA provides a platform for professionals to collaborate, exchange ideas, and stay ahead of industry trends, positioning you as part of an elite community dedicated to advancing the advertising profession.
In addition, IAA Nigeria is set to unveil a number of exciting programmes this year, designed to further empower and inspire professionals within the industry. Keep an eye out for announcements as we roll out these initiatives, aimed at fostering growth, knowledge-sharing, and creative excellence. By becoming a member, you will not only elevate your career but also contribute to the continued evolution of the marketing communications landscape. Don’t miss out on this chance to be part of something truly impactful.

You are the Chairman of ARCON’s Brand Nigeria Project. What should we expect in 2025 in this area?

A huge shout-out to all the professionals from various sectors who collaborated with us on the nation branding campaign. Their expertise, dedication, and hard work have been instrumental in shaping this project. We are proud to announce that we have submitted the final draft of the campaign to the Director-General of ARCON and the Honourable Minister for Information for review.

At this point, we are eagerly awaiting the Minister’s approval to move forward. Once we receive the green light, we are ready to swiftly transition into the execution phase. This is a project that holds immense significance for our nation, and we are excited to bring it to life with the support of all stakeholders involved. Stay tuned as we prepare to take this next step toward showcasing the true essence of Nigeria to the world.

Last year, you mentioned some books in the pipeline. Should we expect some of them this year?

I am excited to share that I have three books ready for publication. The first book delves into brand archetypes from an African perspective, offering a fresh take on how cultural nuances shape branding strategies across the continent. The second is my autobiography, a personal account of my journey, experiences, and the lessons learned along the way. The third book is a compilation of business insights and nuggets that I have gathered over the past decade of leading X3M Ideas, focusing on the key principles that have guided our growth and success.

We are currently in discussions with our publisher to ensure these books hit the shelves this year. I’m looking forward to sharing these works with readers and contributing to the broader conversation on branding, entrepreneurship, and leadership.