Preheat the oven to 350°F. Spray an 8×4-inch loaf pan with nonstick cooking spray (use one with flour if you have it).

In a large bowl, stir together ½ cup (119 ml) vegetable oil (or melted butter) and 1 cup (200 g) granulated sugar until combined.

Add the 3 large eggs one at a time, stirring or beating after each until incorporated. Stir in 1 teaspoon (5 ml) vanilla extract and 1 teaspoon (5 ml) coconut extract.

In a separate bowl, whisk together 1½ cups (186 g) all-purpose flour, 1 teaspoon baking powder, and ¼ teaspoon salt.

Add the flour mixture and ½ cup (119 ml) canned unsweetened coconut milk to the wet ingredients. Stir gently just until no large streaks of flour remain (do not overmix).

Pour the batter into the prepared loaf pan and smooth the top.

Bake 50–60 minutes, or until a toothpick inserted into the center comes out with a few moist crumbs. Remove from oven.

Cool the cake completely in the pan on a wire rack. Once completely cool, run a knife around the edges and remove the cake from the pan; transfer to a wire rack or serving plate.

Make the frosting: in a medium bowl whisk together 1 cup (113 g) powdered sugar, ½ teaspoon vanilla extract, and ½ teaspoon coconut extract. Add 2 tablespoons (30 ml) canned unsweetened coconut milk and whisk until smooth. If needed for a pourable drizzle, add more coconut milk 1 tablespoon at a time, up to the 4 tablespoons (60 ml) total.

Place the cooled cake on a rack over a sheet or plate to catch drips. Drizzle the frosting evenly over the top of the cake, then immediately sprinkle 1 cup (64 g) toasted coconut over the frosting so it adheres.

Let the glaze set before slicing and serving.