Prime it first. The very best primer that I've come across in Zinser. Home Depot and Lowes both sell it. Cost for the best, oil base, is about $24 a gallon. Just read the label for exterior grade use. Then buy a a name brand, better quality exterior paint. I like Valspar from Lowes, but have used just about everything. There are some to avoid, but all of them are the lower priced paints. I can't speak for the designer brands, but of your name brand paints, you get what you pay for.
Oil based primer is the best. A good primer will give you a better, longer lasting paint job. Latex paint will bond very nicely to an oil based primer, but you cannot put oil based paint on a latex primer. The only time you'd want to use oil based paint is for high gloss trim, so it's not important.
If there is any moisture, or humidity, then spend the extra buck and buy exterior paint. From the description, I'd use exterior primer and exterior paint.
Good Luck,
Eddie