Country

Lags

F-stats

Remark

Nigeria

2 1 1 2 2 2 2

108.516***

Co-integrated

Tunisia

2 1 1 1 2 2 2

3.263

Not Co-integrated

Algeria

2 2 2 1 2 2 1

21.225***

Co-integrated

Namibia

2 2 2 2 1 2 1

9.429***

Co-integrated

South Africa

2 1 2 2 2 2 2

1.954

Not Co-integrated

Eswatini

2 2 2 2 2 1 2

3.673

Not Co-integrated

Kenya

2 2 2 0 2 2 2

36.208***

Co-integrated

Mauritius

2 1 2 2 2 2 2

118.344***

Co-integrated