Place the figs, honey, water, cinnamon, and vanilla extract in a small saucepan over low heat. stir occasionally and cook for 30 min. Remove from the heat and stir in the coconut oil while the mixture is still warm.
Using a food processor, process until the mixture is smooth and has reached a spread-like consistency.
Serve immediately or store in an airtight container in the refrigerator for up to 2 weeks.