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All electrical contacts are subject the oxidation and that in turn retains dirt and moisture. Electrical contact cleaner removes the oxidation deposits and with it the dirt. Some contact cleaners also contain a lubricant....as always you get what you pay for.
If badly oxidised, buy a fibreglass cleaning pencil from amazon or ebay for a few quid. Just twist the base of the pencil to expose the stiff fibres then rub over the electrical terminal to clean it. Finally spray with a contact cleaning/protecting spray.
No it will just attract dust and dirt. Using some lubricant on the "o" ring and some grease on the chamfered mating surface of the motor to battery connection helps keep the contacts area protected from both water and dust.