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In a wide saucepan, heat the vegetable oil over medium heat. Add the onions and cook until translucent, which will take about ten minutes, stirring occasionally.
Add the remaining ingredients, except for the figs. Let cook at a steady simmer for twenty minutes, then add the figs, cover the pot, and cook for five to ten minutes, until the figs are tender and cooked through.
Remove the lid and cook ten to fifteen minutes over low heat, stirring, until the mixture thickens and becomes jam-like.