The party vice-president is the first nationalist/republican to lead government in the North of Ireland.
Following her appointment, Ms O’Neill told the assembled MLAs that today “opens the door to the future”.
The Sinn Féin assembly member said she is honoured to stand in the chamber as first minister.
“We mark a moment of equality and progress. A new opportunity to work and grow together.”
The FM said she is “delighted to see every elected assembly member back in the chamber at Stormont.
She singled out the DUP for ending its two year boycott.
O’Neill says the outcome of the 2022 Assembly election is “now being respected”.
Pledging to work with all assembly members, Ms O’Neill said that it is up to them to “create hope and opportunity”.
She urged respect throughout the chamber.
“The days of second-class citizenship are long gone,” she said.
“Today confirms that they are never coming back.”
More must be done to tackle violence against women and girls which O’Neill says is at “epidemic” levels.
She said the assembly should tackle misogyny and the sexist attitudes that exist in society.
“We need women and girls to know that we have their backs,” she said.
Key infrastructure developments like the A5, A 29 will be delivered, according to the FM.
She also said that the re-development of Casement Park – a west Belfast GAA ground earmarked as a venue for the 2028 euros, is among the “key signature” projects that will also happen.
O’Neill highlighted the need to work to protect the environment.
“We must protect Lough Neagh and realise it’s massive potential.”
Michelle O’Neill now makes reference to the Troubles – the 30 years of sectarian conflict in Northern Ireland.
“I am sorry for all the lives lost during the conflict. Without exception,” she says.The new first minister told the chamber that “injustices and tragedies” of the past continue to have an impact.
She said she’s wholeheartedly committed to reconciliation.
“The past cannot be changed or undone.
“But what we can do is build a better future”.
It’s two years to this day since the DUP collapsed the Stormont Executive over Brexit.
The DUP’s Emma-Little Pengelly was voted in as Deputy First Minister and party colleague Edwin Poots was appointed as the new Speaker of the Assembly replacing Sinn Fein’s Alex Maskey who has retired from politics.
Edwin Poots said he will carry out his duties as speaker which will hopefully see the continuation of the “smooth running of his house” with “integrity and impartiality”.
He acknowledged outgoing speaker Alex Maskey for his work in the role over the last four years in sometimes difficult circumstances.
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