Preheat the oven to 350 degrees F and grease a 9 inch round spring form or cake pan.
In a mixing bowl add flour, baking powder, baking soda and a pinch of nutmeg.Stir to combine, breaking up any lumps. Set aside.
In another mixing bowl or bowl of a stand mixer combine granulated sugar with lemon zest. Use your fingers to pinch the zest into the sugar until it is well incorporated and fragrant. Add butter to the sugar and cream together on medium speed for 1-2 minutes, scraping down the sides as needed. Add in olive oil and continue mixing on medium for another minute. While continuing to mix on medium speed add in eggs one at a time and vanilla extract for another minute until well combined. Stop the mixer and add in the juice of 1 lemon and ricotta cheese. Mix on low for about 15-30 seconds until the ricotta is well incorporated.
Add about ½ of the flour mixture into the bowl with the wet mixture. Mix on low for 15-20 seconds until just combined. Then add the remaining flour and mix on low for another 15-20 seconds until combined with no streaks of flour. Be careful not to over mix.
Transfer the mixture to the prepared pan and bake at 350 degrees F for 32-37 minutes or until a toothpick or metal skewer inserted into the middle of the cake comes. out clean. Remove the cake from the oven and, if using a spring form pan, detach the sides. Allow the cake to cool completely on a wire rack.
Make the glaze
When the cake it cool to the touch make the lemon glaze. Combine ½ cup of powdered sugar with about 4 tsps of fresh lemon juice. Mix until there are no more lumps. Pour of brush the glaze on top of the cake and serve. Enjoy!