| Panel | Test | Statistic | Prob. |
| LMI Countries | Breusch-Pagan LM | 134 | 0.61 |
| Pesaran Scaled LM | 27.73 | 0.67 | |
| Pesaran CD | 11.51 | 0.71 | |
| LI Countries | Breusch-Pagan LM | 50.62 | 0.78 |
| Pesaran Scaled LM | 4.57 | 0.72 | |
| Pesaran CD | 4.55 | 0.63 | |
| ECOWAS Countries | Breusch-Pagan LM | 767.17 | 0.82 |
| Pesaran Scaled LM | 61.02 | 0.65 | |
| Pesaran CD | 27.54 | 0.74 |