Abelardo de la Espriella has won Colombia's presidential runoff election after his leftwing opponent conceded a result that came down to a fraction of the vote.

Iván Cepeda conceded defeat to de la Espriella following a count that showed the far-right candidate ahead by less than 1% of ballots cast. Preliminary results had pointed to a de la Espriella victory since Sunday night.

De la Espriella is described as a far-right, Trump-admiring millionaire lawyer who will now take office as Colombia's next president.