In a large saucepan, bring the water to a boil.
Gradually add the cornmeal to the boiling water, stirring constantly to prevent lumps from forming.
Reduce the heat to low and continue to cook, stirring frequently, until the cornmeal thickens, about 10-15 minutes.
Stir in the coconut milk, sugar, salt, ground cinnamon, vanilla extract, and grated coconut (if using).
Continue to cook on low heat, stirring occasionally, until the mixture is thick and creamy, about 10 more minutes.
If using, stir in the ground nutmeg.
Pour the micocole into serving bowls and let it cool slightly before serving.
Enjoy your meal!