In a large dutch oven or soup kettle, heat coconut oil. Once melted and hot, add onion. Cook over medium heat until very soft and browned, about 7 minutes.
Add sweet potato, carrot, and garlic. Stir in stock and water. Bring to a boil and simmer for 30 minutes, until the vegetables are soft.
Stir in spices: cumin, coriander, turmeric, pepper, chili flakes, nutmeg, and salt. Remove from heat.
Using an immersion blender, puree vegetables with stock right in the cooking vessel. If an immersion blender isn’t available, the vegetables can be pureed in small batches in a food processor. Return to soup kettle.
Slowly stir in coconut milk. Heat until warmed through. The spices will heighten in flavor over time. This is a great soup to prepare early in the day and serve for dinner, but it is DELICIOUS any time of day.