Malawi's President Lazarus Chakwera has conceded defeat in the country's presidential election and congratulated opposition candidate, Peter Mutharika, on his victory.

In a statement, the government said Chakwera accepted the results of the election in address to the nation from the presidential palace.

The electoral commission is yet to officially announce the winner of the election.

President Chawera pledged to ensure a peaceful transition of power to his successor, the statement said.

He also thanked Malawians for entrusting him with the presidency.

The Malawi Electoral Commission (MEC) is expected to officially announce the results of the presidential election on Wednesday in the capital, Lilongwe.