Nigerians will be electing a new president on Saturday. Cheddar News explains the importance of the election.

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Today Explained: Nigeria to Elect New President

And it's time now for today explain which is where we break down some of the biggest stories in the news, how we got here and where we go next tomorrow. Nigerians are going to be choosing a new president and this is one of the most important elections in the world right now, bankers, power brokers, tech executives and world leaders are really closely watching. President biden is urging candidates in Nigeria and their parties to accept the results as announced by the country's independent National Electoral Commission. Let me lay out the stakes for you. Nigeria is Africa's most populous country. If current trends keep pace, Nigeria's population is going to surpass the US in less than 25 years right now it has more than 200 million people China and Russia have made significant inroads on the continent. Beijing is behind a lot of African infrastructure. More Africans actually go to China to study then to the US and the richest woman in Africa is a Russian citizen. The U. S. Is trying to catch up and Nigeria is a key country. Nigerians will be using a new high tech voting system that can scan fingerprints and facial features. There are also no incumbents in this election but there is a wildcard candidate. His name is Peter Obi. He's a millionaire. Even by US standards. He used to be the governor of one of the country's states. People are comparing him to Frances. Emmanuel Macron. He is incredibly popular with young Nigerians. They're boosting him on social media and demanding the type of fiscal prudence and accountability that O. B. Is promising. But Nigeria's elections have a history of being violent. It's only ended its military rule in 1999. The economy and organized crime are big topics in this election. The country has enormous oil riches, but six and 10 Nigerians live in poverty And if that level of inequality persists, it could destabilize any government. Remember, young people are the key in this election, and 40% of them don't have jobs this year, 15 African nations are holding presidential or legislative elections. Nigeria's is the first it will set the stage for a year of change in Africa.