Magufuli's win in the October 25 poll with over 58 percent of votes cemented the long-running Chama Cha Mapinduzi (CCM) party's firm grip on power.
Elections were largely peaceful, but the opposition said the vote was rigged and also claimed victory, while semi-autonomous Zanzibar -- which also voted for its own president -- annulled polls over irregularities.
Outgoing President Jakaya Kikwete has said he is "so happy" to be leaving his job after a decade in power, having stepped aside after serving his two-term limit.
Magufuli, a 56-year old former chemistry teacher, ran on an anti-corruption platform, securing a convincing victory over his closest rival, ex prime minister Edward Lowassa who won 40 percent.
Those at the ceremony included African Union chairman, Zimbabwean President Robert Mugabe, as well as regional leaders including Kenya's Uhuru Kenyatta, Uganda's Yoweri Museveni and Rwanda's Paul Kagame.
Other neighbouring leaders included Filipe Nyusi of Mozambique and Zambia's Edgar Lungu. South Africa's Jacob Zuma was also present.
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