Twelve candidates were in the running for the DPP nomination, decided in the weekend primary by some 3,000 party delegates.
The respondents had an option of choosing between Dankwambo, former Vice President Atiku Abubakar, Senate President Bukola Saraki or Sen.
Speaking on behalf of the other aspirants, Mr Saraki, at the venue of the convention, pledged to support Mr Abubakar.
"I want to pay tribute to each and every one of them assure you that I am ever ready to work with each and every one of them for the realisation of the victory of our party in the forthcoming elections".
"On behalf of al of us, we congratulate you".
The Fulani businessman and politician beat 11 other contestants to pave the way to face his kinsman Buhari, who also got the nod of the ruling All Progressives Congress (APC) earlier on Sunday.
The result was announced by Senator Ifeanyi Okowa, Chairman PDP 2018 special national convention planning committee, at the end of the party's convention on Sunday in Port Harcourt.
"We are all here", he said.
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Former Vice President Atiku Abubakar has won the Peoples Democratic Party, PDP presidential ticket by scoring the largest number of votes - 1532 votes, beating Governor Aminu Tambuwal of Sokoto State who scored 693 votes.
However, 68 votes were void.
Bakare said Abubakar, just like Buhari, had the experience, the exposure and the acceptance expected of the country's president.
"I can not do it alone, I need your support, your assistance, I need your understanding and I need your participation".
"I stand here on behalf of your governors to affirm that you have discharged your responsibility creditably".
He described the process that produced him candidate as free, fair and innovative.
"He has the power of incumbency and he will do his best to win the election, but Atiku is not going to take No for an answer when the two forces collide in the election", he said.
"Let me also commend my fellow competitors for displaying a sense of unity, a sense of objective and a sense of commitment".