The morphology, crystallinity, and electrical conductivity (σ′ and σ″) as a function of frequency of polypropylene (PP) melt-extruded with different amounts of as-grown carbon nanofibers (CNFs) from 0 to 1.4 vol. % are examined. The PP/CNF composites present CNF aggregates randomly distributed within the PP and an insulator–conductor transition at CNF contents near 0.9 vol. %. The degree of crystallinity of PP/CNF composites with loadings of 1.4 vol. % increases ∼15% with respect to the neat PP (∼34%), with σ´ ∼ 8.6 × 10−5 S m−1 (σ″ ∼ 8.3 × 10−4 S m−1) at 2 MHz. In addition, the values of the electrical conductivity σint´ ∼2.9 × 10−6 S m−1 (σint″∼3.7 × 10−4 S m−1) at 2 MHz, as a result of the interphase (ϕint ∼0.05 vol. %) of the 1.4 vol. % PP/CNF composites, are estimated by the use of a modified generalized effective medium model (GEM). The analysis gathered in here indicates that the interphase between the polymer and the conducting particle may have a quantifiable effect on the electrical properties of carbon-based polymer composites, and this fact should not be neglected in the production of conducting polymer composites (CPCs) with enhanced electrical properties.