In a large mixing bowl, combine the flour, granulated sugar, baking powder, ground cardamom (if using), ground nutmeg, and salt.
In a separate bowl, whisk together the egg, coconut milk (or regular milk), and vegetable oil (or melted butter).
Gradually add the wet ingredients to the dry ingredients, mixing until a soft dough forms. If the dough is too sticky, add a little more flour; if it is too dry, add a little more milk.
Knead the dough on a lightly floured surface for about 5 minutes, or until it is smooth and elastic.
Cover the dough with a damp cloth and let it rest for about 30 minutes.
After resting, roll out the dough on a lightly floured surface to about 1/4 inch (0.6 cm) thickness.
Cut the dough into triangles, squares, or circles using a knife or a cookie cutter.
In a deep frying pan or pot, heat the vegetable oil over medium-high heat until it reaches 350°F (175°C). If you don't have a thermometer, test the oil by dropping a small piece of dough into it; if it sizzles and rises to the surface, the oil is ready.
Carefully place a few pieces of dough into the hot oil, being careful not to overcrowd the pan.
Fry the mandazi for about 2-3 minutes per side, or until they are golden brown and puffed up.
Use a slotted spoon to remove the mandazi from the oil and place them on a paper towel-lined plate to drain excess oil.
Dust the fried mandazi with powdered sugar if desired.
Enjoy your meal!