In a bowl, cream shortening and sugar. Add pumpkin; beat well. Add the eggs, one at a time, beating well after each addition. Beat in vanilla. Combine the dry ingredients; add to pumpkin mixture alternately with water. Stir in nuts.
Pour into a greased 9x5-in. loaf pan. Bake at 350° for 55-65 minutes or until a toothpick comes out clean. Cool for 10 minutes before removing from pan to a wire rack.