Preheat oven to 350 degrees F. Spray 8 x 8 baking pan with baking spray.
In a large bowl, sift together the flour, baking powder, and salt.
In a separate large bowl, mix together the butter and sugar.
Beat in the eggs one at a time until light and fluffy.
Stir in the coconut extract.
Stir in the flour mixture and stir until thoroughly combined.
Pour the cake batter into the prepared baking pan and spread until it is evenly distributed throughout the pan.
Drop a tablespoon of Nutella Hazelnut spread on top of each corner of the batter. With a knife, stir the Nutella Hazelnut spread throughout the cake batter to create swirls in the batter.
Bake in a preheated oven for approximately 30 to 35 minutes.
Let cool for about 15 minutes.
While the cake is baking, make the frosting. In a large bowl, mix together the cream cheese, butter, and coconut extract. Stir in the powdered sugar. Stir in milk a little at a time until you get the right consistency. Stir in the coconut. After the cake has cooled, spread the frosting evenly on top of the cake.
To make the chocolate drizzle add the chocolate chips and heavy cream in a microwave safe bowl and microwave for about 30 seconds at a time. Stir until the chocolate is melted and silky smooth. With a spoon drizzle on top of the cake.