Preheat oven to 350°F (175°C).

In a large bowl, mix together flour, baking powder, soda, salt, and cinnamon.

In a separate bowl, cream together shortening and sugar until light and fluffy.

Beat in vanilla and eggs.

Stir in pumpkin and water.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined.

Fold in nuts.

Pour batter into a greased and floured loaf pan.

Bake for 45-60 minutes, or until a wooden skewer inserted into the center comes out clean.

Let cool in pan for 10 minutes before transferring to a wire rack to cool completely.