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I've had this small bump on my right areola of my nipple for about 2 years now. I was expecting it to go away or something but it hasn't. It doesn't hurt or anything and it hasn't grown. When I squeeze it hard enough some pus or whatever comes out similar to a pimple.
The painless lump that you are having seems like a sebaceous cyst. A sebaceous cyst is a closed sac occurring just under the skin which contains a "pasty" or "cheesy" looking substance called keratin.
Generally no treatment is required but they become painful then it means they are infected, then surgical excision by traditional wide excision, minimal excision, and punch biopsy excision may be required. My sincere advice is to consult a dermatologist and get it examined. Also then get the possibility of areolar abscess ruled out.
I hope it helps. Take care and please do keep me posted in case you have any additional doubts. Kind regards.