Historic Nigerian Election Delivers Victory for New Muslim President

In what has been called a historic breakthrough for Nigerian democracy, incumbent President Goodluck Jonathan conceded defeat Tuesday in a hard-fought presidential election, signaling that he will peacefully turn over power to his victorious rival, Muhammadu Buhari.

Buhari's win marked the first time in Nigeria's history, the opposition has defeated the ruling party in democratic elections.

"A new day and a new Nigeria are upon us," Buhari said after his win Tuesday. "The victory is yours, and the glory is that of our nation."

Jonathan, 57, was hailed as a hero by the opposition after he called Buhari, 72, to congratulate him on his victory late Tuesday afternoon, even before the final result was announced. The outgoing president also offered a written statement to his nation.

"I thank all Nigerians once again for the great opportunity I was given to lead this country, and assure you that I will continue to do my best at the helm of national affairs until the end of my tenure," Jonathan said.

"I promised the country free and fair elections. I have kept my word."

Nigeria’s new president, Muhammadu Buhari, is a Sunni Muslim who belongs to the Fulani ethnic stock, a powerful segment of the country's much poorer north, while Jonathan came from the more prosperous Christian South that is rich with oil. His election signals a possible power shift from the South, which has ruled for much of the last 16 years.

The constitution of the ruling PDP in Nigeria, provides for power rotation between the predominantly Muslim north and the largely Christian south. However, former president, Goodluck Jonathan, was believed to have violated this agreement in 2011, when he ran for re-election.

Buhari praised voters for exercising their right peacefully.

"Your vote affirms that you believe Nigeria's future can be better than what it is today," he said in his statement. "You voted for change, and now change has come."

President-elect Buhari, is adored nationwide for his Spartan lifestyle and anti-corruption credentials. He is considered by most analyst as the only Nigerian ruler with no corruption blemishes.

Buhari, who will be sworn in on May 29, is a military officer, who gained his reputation by crushing Nigeria's first major religious fundamentalist group, the Maitatsine.

He will take the helm at a critical time, as Nigeria grapples with the violent militant group Boko Haram, which is alledgedly responsible for bombings that have killed hundreds of people and kidnapping more than 200 teenage girls from a boarding school.

Boko Haram isn't the only obstacle facing the new president. The economy is another major issue.

Nigeria overtook South Africa last year as the region's largest economy. Nigeria is one of Africa's largest oil producers and is a major supplier of crude oil to the United States. It also hosts many international oil companies and workers.

But many complain that the country's vast wealth from oil exports doesn't trickle down to the average citizen.

CIA statistics state that as many as 70% of Nigerians live below the poverty line, surviving on less than a dollar a day. Voters are hoping this trend will change with their new democratically elected presidential leadership.