Preheat the oven to 350 degrees. Coat an 8½ x 4½ loaf pan with cooking spray.
Combine the flour with the sugar, baking powder, salt, cinnamon, nutmeg, and cloves; mix well.
In a separate bowl, whisk together the eggnog vegetable oil, eggs, and vanilla until well combined.
Slowly add the wet ingredients to the dry ingredients; stir until just combined.
Pour the batter into the prepared loaf pan. Tap the pan on the counter to be sure the batter is evenly set in the pan. Place into the oven and bake for 65-75 minutes, or until a tester inserted in the center comes out clean.
Remove from the oven and let cool on a wire rack for a 10-15 minutes then loosen bread from the pan with a butter knife.
Let the bread cool completely directly on the wire rack.
Once the bread has completely cooled, make the glaze by combining the powdered sugar with the eggnog, vanilla, and nutmeg. Mix until well combined and creamy.
Place some parchment paper underneath the wire cooling rack holding the bread.
Drizzle the glaze back and forth over the bread.
Slice and serve with a glass of eggnog. Enjoy!