President Bola Tinubu says his immediate target is to ensure a higher Gross Domestic Product (GDP) growth and significant reduction in unemployment rate.

Tinubu said this on Monday in Abuja, in his inaugural speech, shortly after being sworn-in as Nigeria's 16th President.

He said that his administration hope to achieve these through budgetary reform to stimulate the economy without engendering inflation.

"Our industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

"Electricity will become more accessible and affordable to businesses and homes alike.

"Power generation should nearly double and tramission and distribution networks improved. We will encourage states to develop local sources as well,' he said.

He assured local and foreign investors that his administration would review all complaints about multiple taxation and other "anti-investment inhibitions".

"We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home, "he said.(