The chemical potential of any system can be thought of as the energy that can be absorbed or released due to a change of the number of electrons:
$dU = \mu dN$
In the case of the small systems where the discrete charge can be observed, this equation can be rewritten as a finite difference:
$\mu=\frac{dU}{dN}=\frac{U(N+1)-U(N)}{\Delta N =1}=U(N+1)-U(N)$.
So it is energy difference of the system with $N$ and $N+1$ electrons. Roughly speaking it is a measure of how "hard" or "easy" it is to add or remove a electron to/from the system.
This quantity is related to electronegativity as $E=-\mu$. It is also related to the ionization potential and electron affinity as their average: $\mu=-\frac{IP+EA}{2}$.
As for conductance, the chemical potential determines the center of the energy window where the conductance occurs. The width of the window is determined by temperature. The last ingredient that is needed to determine conductance is the density of states or the density of transmission modes in this energy window. This answer is inspired by the room-temperature Landauer–Büttiker formula. This is well applicable to conductors.
As for semiconductors, the location of chemical potential within the band gap, relative to the conduction and valance band edges, determines the concentration of thermally activated charge carriers (due to doping). The closer it gets to the band edges the smaller the energy of thermal activation is.