From the description, it looks like a furuncle or a boil.
Self manipulation or squeezing of the lesion is not advisable.
Do hot water compresses of the lesion twice or thrice in a day followed by application of a topical antibiotic
or fusidic acid
. If its painful, you may take an antiinflammatory like ibuprofen. If the lesion does not heal consult a dermatologist
so that an appropriate oral antibiotic if required can be started.
Hope that answers your query. Take care.