Preheat oven to 350°F. Grease a 9-inch round cake pan or line with parchment paper.

In a large bowl, whisk together the oil and sugar until combined. Add eggs one at a time, mixing well after each addition. Stir in vanilla and coconut extracts.

In a separate bowl, whisk together flour, baking powder, and salt. Gradually add dry ingredients to wet ingredients, alternating with coconut milk, beginning and ending with flour mixture. Mix until just combined.

Pour batter into prepared cake pan. Bake for 50-60 minutes, or until a toothpick inserted in the center comes out clean.

Allow cake to cool in pan for 15 minutes, then transfer to a wire rack and cool completely.

In a small bowl, whisk powdered sugar, vanilla, coconut extracts, and coconut milk to make frosting. Spread frosting over cooled cake and sprinkle toasted coconut on top.