Combine sugar and oil; beat well. Add eggs and beat. Combine flour, baking soda, salt, cinnamon and nutmeg. Stir flour mixture into egg mixture alternately with water. Stir in sweet potatoes and chopped nuts. Pour batter into greased 9x5 inch loaf pan (or 2 small loaf pans). Bake at 350 degrees F (175 degrees C) for about one hour.