Preheat your oven to 350° F. Line your 9x5" loaf pan with parchment paper.
In a medium bowl, whisk together the flour, baking powder, soda, cinnamon, nutmeg and salt.
In a large bowl, using an electric hand mixer, mix the oil and brown sugar. Mix in the carrots. Next, beat in the eggs with the mixer. Fold in the nuts. And lastly mix in the flour mixture until combined. Transfer the batter to your prepped pan and bake for 45-50 minutes or until toothpick comes out clean.
Allow the cake to cool 15 minutes in the pan and then remove to a wire rack to cool completely. DO NOT ICE THE LOAF UNTIL IT IS COOLED COMPLETELY OR THE FROSTING WILL MELT.
Frosting:
In a medium bowl, using an electric hand mixer, beat the cream cheese, butter and vanilla until incorporated. Add in the powdered sugar and beat until smooth.
Notes
Any neutral oil works in the recipe, like melted and cooled coconut oil, sunflower oil, olive oil, etc!