In a medium bowl, whisk together the vegetable oil, milk, vanilla, and eggs.
1/2 cup (125ml) vegetable oil, 1 cup (250ml) whole milk, 2 large eggs, 2 tsp vanilla extract
Add the wet ingredients to the dry ingredients and stir until just combined.
Slowly add in the hot water and stir until the batter is well combined.
1 cup (250ml) hot water
Divide the batter evenly into the prepared baking pans.
Bake for 30-32 minutes or until a toothpick inserted into the center comes out clean. Let cool completely before frosting. Trim the top of the cakes if needed.
In a medium saucepan, stir together the evaporated milk, sugar, and egg yolks.
1 cup (250ml) evaporated milk, 1 cup (200g) granulated sugar, 3 large egg yolks
Add butter and cook over medium heat, whisking constantly until mixture thickens to a pudding-like consistency (about 10-12 minutes).
1/2 cup (114g) unsalted butter
Remove from heat, stir in the coconut, pecans, and vanilla. Let cool for 30 minutes.
1 & 1/3 cup (115g) unsweetened shredded coconut, 1 cup (125g) chopped pecans, 1 tsp vanilla extract
Spread half the frosting on one cake, top with the other cake, and spread the remaining frosting on top.
Notes
Leftovers can be tightly covered and stored at room temperature for 1-2 days or in the fridge for up to 5 days.