Start with a clean figurine. Pressure wash the statue for a quick cleaning and to remove flaking paint, oil, wax and dirt. Scrub with a little bit of bleach and water to remove algae or moss and allow to dry for several days.
Place the statue on a drop cloth.
Paint the figurine with a cement or masonry primer. Follow the manufacturer's directions for application and drying times.
Examine the statue and decide what color(s) will be applied and where. Use painter's tape and a marker to label the color areas for multiple paint colors.
Paint the figurine with patio paints or paint designed for exterior use.
Seal the figurine with a cement sealer to prevent flaking, fading and weather damage.