NO! It's okay if a man is using it when he's jerking off, but it shouldn't be used for vaginal lubrication, since it's oil-based. Women should only use water-based lube when it comes to their vaginas, or they can meet with some (painful) trouble. Baby oil isn't natural and unnatural things should not enter such a sensitive part of the body.
Vagina and nose are the two most sensitive parts of the body as the layers of skin are very thin and delicate - and easily bleed or become scratched.
Be careful what you rub on them.
Some girls don't like their vulva lips, but the bigger they are, the more protection they provide to stop the inner part of the vagina being accidentally damaged.