1. Preheat your oven to 350°F. This step is crucial for ensuring that the cake bakes evenly. While the oven heats up, you can prepare your loaf pan. Spray an 8×4-inch loaf pan with nonstick cooking spray, preferably one that has flour in it, to prevent sticking.
2. In a large mixing bowl, stir together ½ cup vegetable oil and 1 cup granulated sugar until well combined. The mixture should be smooth and slightly pale in color, indicating that the sugar is starting to dissolve.
3. Next, crack in 3 large eggs, one at a time. Make sure to whisk the mixture well after each addition until it looks fluffy. At this point, you can also stir in 1 teaspoon vanilla extract, 1 teaspoon coconut extract, 1 teaspoon baking powder, and ¼ teaspoon salt. This combo will add flavor and lift your cake.
4. Now, gently fold in ½ cup canned unsweetened coconut milk and 1 ½ cups all-purpose flour. Be careful not to overmix; just stir until combined. This ensures the cake remains light and fluffy.
5. Pour your batter into the prepared loaf pan, smoothing the top with a spatula. This helps it bake evenly and ensures a nice shape.
6. Slide the loaf pan into your preheated oven and bake for 50 to 60 minutes. Keep an eye on the cake; it should be golden brown and a toothpick inserted into the center should come out almost clean.
7. Once done, remove the cake from the oven and let it cool completely in the pan. This step helps the cake firm up, making it easier to remove without breaking.
8. While the cake cools, make your frosting. In a medium bowl, whisk together 1 cup powdered sugar, ½ teaspoon vanilla extract, ½ teaspoon coconut extract, and 2-4 tablespoons canned coconut milk. Adjust the amount of coconut milk until you reach your desired consistency.
9. Once the cake is cool, drizzle the frosting over the top and immediately sprinkle 1 cup toasted coconut on top. The combination of the frosting and toasted coconut adds a delightful contrast in texture and flavor.
10. Finally, let the frosting set for a bit before slicing and serving. Enjoy your delicious Coconut Pound Cake with family and friends!