Simon Brown's answer is correct, although you're well advised to clear your cache in between each step to remove any chance of removing yourself when the new account hasn't actually been given any rights.
But there's more: some components which may be part of a blog (eg pictures, videos, calendars, feedburner-feeds, etc) are owned separately from the blog. You need to transfer them (where possible) or make migration plans for ones for which the onwership cannot be changed.
I've written an article with more detail about this (can't be bothered typing the same thing over and over again) but don't think I'm allowed to post a reference here, but you can find links to in on the Blogger help forum.
Update: you can find it here.