Replace the cable, and stuff the new cable's liner with a water repellent lubricant.
WD40 would do temporarily.
A friend of mine used a home brewn mix of graphite powder and a liquid molybdene-lube (or similar) on cables on his motorcycles.
The graphite makes the lube stick to the cable, and is a lubricant by itself.
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Strayed to the Dark Diesel Side
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