It may sound like an email scam, but Nigeria has a better debt-to-GDP ratio than many European countries.

Most of the countries in Sub-Saharan Africa have been issuing bonds and increasing their debt like wildfire.

The money obtained for those bonds is being used to build public services.

For example:

Nigeria is funding greater electricity output with its $1.5 billion issuances. Kenya will use its 2014 eurobond money to upgrade power, roads, and seaports. Zambia plans to spend on improved healthcare and railways.

However, the party’s now over. According to S&P, “the heydays of bond offerings from newcomers or from frontier markets, like the African issuers” are behind us.

In just the past two years, African countries have issued over $8 billion—therefore increasing the region’s debt by billions—and downgrading the rating of these countries.

The hope is that the funds will be used responsibly to grow and build economies.

It’s hard to build a country on debt alone. Many countries in Sub-Saharan Africa will now rely more heavily on remittance payments from those who have emigrated to other countries.

But the fact remains—these countries are still in a better debt situation than countries like Spain and Greece. Now entire countries are learning the lesson that anyone who has had to balance a household budget knows—debt can be a disaster.