Combine flour, baking powder, baking soda and salt; set aside. In a large bowl combine sugar, oil, eggs and coconut extract. Add dry ingredients alternately with buttermilk; stir just until moistened. Fold in coconut and nuts. Pour into two greased and floured 8.5 x 4.5 x 6 cm loaf pans. Bake at 160ºC F. for 1 hour or until breads test done. Cool 10 minutes in pans before removing to a wire rack to cool completely.