The Italian striker has been a welcome hit in French football following his arrival from Liverpool in the summer of 2016.
He has found the target 13 times in 19 Ligue 1 appearances to help spearhead a surprise bid for title glory.
Darth Vader Balotelli shines in Ligue 1
Balotelli has, however, also faced all too familiar questions regarding his temperament and work rate, with Favre conceding that the 26-year-old is far from the finished article.
He told Tagesspiegel: “He needs to make more and better runs. Mario must work more if he wants the long-term respect of his teammates.
“Scoring goals is not enough in modern football.”
While urging Balotelli to work on his contribution to the collective cause, Favre is enjoying working with a forward who has been difficult to handle at various points throughout his career.
He added: “Mario’s a nice lad, we get along well.
“You need to distinguish Balotelli the person and Balotelli the forward.
“He’s a role model as a person, and regarding the forward… his goals definitely help us, and Mario’s played really well in the past few games.”
WATCH: Balotelli’s airport knee slide
Balotelli’s arrival at Nice as a free agent is just one example of the impressive business carried out by a club that continues to punch above its weight in a title tussle with big-spending Monaco and Paris Saint-Germain.
Favre said of that challenge: “All the teams around us are investing hugely.
“That’s why qualification for the Champions League would be a miracle, and I will do everything to make it come true.
“There is nothing greater than the Champions League - not even the World Cup.”