Combine figs and sherry and let stand at least 15 minutes. Combine flour, walnuts, cinnamon, baking soda, nutmeg and salt. In a mixing bowl, beat sugar, oil and eggs to mix. Blend in flour mixture. Gently stir in figs and sherry. Pour batter into well-greased 5-by-9-inch loaf pan. Bake in a 350-degree oven until bread feels firm when gently pressed in center, about 1 hour. Let cool in pan 10 minutes. Invert on rack to cool completely.
Makes dozen servings.