In a large mixing bowl, whisk the eggnog and vanilla instant pudding mix together until smooth and slightly thickened, about 2–3 minutes.

Gently fold in the whipped topping using a spatula until fully combined and fluffy. Be careful not to overmix to maintain the light texture.

Stir in 1/4 tsp ground nutmeg, ensuring even distribution throughout the dip.

Transfer the mixture to a serving bowl, cover, and refrigerate for at least 2 hours to allow the flavors to meld and the dip to set.

Before serving, sprinkle the top with additional nutmeg for a festive touch. Pair with gingerbread cookies, vanilla wafers, apple slices, or pretzels for dipping.