Motivated by the lubrication processes naturally appearing in numerous industrial applications (such as steam turbines, pumps, compressors, motors, etc.), we study the lubrication process of a slipper bearing consisting of two coaxial cylinders in relative motion with an incompressible micropolar fluid (lubricant) injected in the thin gap between them. The asymptotic approximation of the solution to the governing micropolar fluid equations is given in the form of a power series in terms of the small parameter ε representing the thickness of the shaft. The regular part of the approximation is obtained in the explicit form, allowing us to acknowledge the effects of fluid’s microstructure clearly through the presence of the microrotation viscosity in the expressions for the first-order velocity and microrotation correctors. We provide the construction of the boundary layer correctors at the upper and lower boundary of the shaft along with the construction of the divergence corrector, allowing us to improve our overall estimate. The derived effective model is rigorously justified by proving the error estimates, evaluating the difference between the original solution of the considered problem and the constructed asymptotic approximation.