Nigeria has a new president Tuesday after Muhammadu Buhari defeated Goodluck Jonathan. Buhari's election ends the power of the People's Democratic Party in Nigeria, according to The New York Times.

Buhari was a former general that took power in a military coup in 1983. Jonathan was the incumbent whose government had been accused of corruption and failure to address the extremist group Boko Haram's insurgency.

The election was one of the most competitive races for president in Nigeria's history. Buhari held a lead of more than two million votes over Goodluck with only one state left to be counted.

Nigeria has been ruled by Jonathan's People's Democratic Party since 1999 when military rule ended.

Analysts have said that a victory by Buhari would be more of the public shaming Jonathan than it would be a celebration of Buhari.

Jonathan has let Boko Haram threaten Nigeria's safety. He has also not been able to address the failing economy that has struggled with falling oil prices. Finally, Jonathan has faced corruption scandals that have tainted his image.

Buhari, who is a "converted democrat," gained a big sweep of votes in southwestern states. He also secured large vote totals in the north, including Kano, Nigeria's second-largest city.

Buhari faces several challenges as the country's new president, according to Forbes.

Nigeria's economy has been hit hard by falling oil prices. Investors should feel short-term security after Buhari assumes power, but the entire oil sector has been dominated and led to long-term problems.

Since more than 70 percent of government revenues come from the oil and gas sector, the entire economy has suffered. Buhari will have to find a way to secure the economy.

International relations might improve with Buhari's election. Western powers have said that Buhari has the political desire and military credibility to fight off Boko Haram, end the corruption accusations and improve human rights issues. Buhari must find a way to keep the country secure and free of insurgency attacks.