Place saucepan over medium high heat and add coconut oil so it melts. Once oil is hot, add the rice and stir well to coat the kernels. Continue sauteing the rice for about 3 minutes, stirring as needed so it does not burn. Add the ground turmeric, salt and pepper and continue to stir to coat.
Add the coconut milk and water and bring to a boil.
Once the liquid is boiling, turn down the heat, cover and cook for 15 minutes, or until the water has evaporated. Then turn off the heat and let sit for 5-10 minutes. Fluff rice with a fork and serve.
Refrigerate any leftover rice.