Grease a 9x5x3 inch loaf pan with oil. Dust generously with flour, then turn the pan to coat the bottom and sides evenly.
Sift the flour, baking powder, baking soda, and salt, cinnamon and nutmeg in a large bowl. Stir in the pecans and make a well in the center. Put the remaining ingredients in a separate bowl and mix until thoroughly combined.
Pour the mixture into the well. Use a spatula to gently fold all the ingredients together to form a wet batter (over-mixing can result in a heavy bread).
Spoon the batter into the prepared loaf pan. Decorate the top of the loaf with 1/4 cup pecans (or walnuts). Bake in preheated oven for hour, until golden and well-risen. The bread is ready when the edges shrink from the sides of the pan, and a metal skewer inserted into the center comes out clean.
Keep the bread in the pan and let stand for 10 minutes. Carefully run a knife around the edges and turn out. Cool on a wire rack.