1.) Report or analysis? One is BIP, one is OBI...
2.) What does it do during the other 4 minutes?
3.) Did you look at the log in detail? Log level 5 and 7 give you much more than just "the SQL statement"
4.) There is no magical "make_things_go_faster=TRUE" configuration. Performance is something where you must comorehend what you are doing and what kind of impact it has.
What analysis have you done to identify the root cause of the poor performance? Have you checked the nqquery.log file to determine the SQL generated by OBIEE?