| Panel | Tests | Test statistic |
| LMI Countries | Serial correlation | F = 0.69 (0.74) |
| Normality test | χ2 (Chi-square) = 5.23 (0.25) | |
| Heteroskedasticity | F = 0.91 (0.531) | |
| LI Countries | Serial correlation | F = 0.77 (0.55) |
| Normality test | χ2 (Chi-square) = 6.75 (0.45) | |
| Heteroskedasticity | F = 0.88 (0.66) | |
| ECOWAS Countries | Serial correlation | F = 0.76(0.33) |
| Normality test | χ2 (Chi-square) = 5.11 (0.26) | |
| Heteroskedasticity | F = 0.58 (0.24) |