Sift the flour, baking soda, cinnamon, nutmeg and salt together in a small bowl and set aside. Combine the sugar, oil and eggs in a mixing bowl. Beat, with an electric mixer set on medium speed, for 2 minutes.
Add the dry ingredients, stirring just until moistened. Stir in the carrots and walnuts. Pour the batter into a greased 9 X 5 X 3-inch loaf pan and bake, in a preheated 350 degree F. oven for 1 hour or until a cake tester or wooden pick inserted in the center comes out clean. Cool in the pan on a wire rack for 10 minutes, remove from the pan and finish cooling on the wire rack.