We present an analytical approach to the problem of the interband transitions in an armchair graphene nanoribbon (AGNR), exposed to the time-periodic electric field of strong light wave, polarized parallel to the ribbon axis. The two-dimensional Dirac equation for the massless electron subject to the ribbon confinement is employed. In the resonant approximation the probability of the transitions between the valence and conduction size-quantized subbands are calculated in an explicit form. We trace the dependencies of the Rabi frequency for these transitions on the ribbon width and electric field strength for both the multiphoton-assisted and tunneling regimes relevant to the fast oscillating and practically constant electric field, respectively. Estimates of the expected experimental values for the typically employed AGNR and laser technique facilities show that the Rabi oscillations can be observed under laboratory conditions. The data, corresponding to the intersubband tunneling, makes the AGNR a 1D condensed matter analog, in which the quantum electrodynamic vacuum decay can be detected by the employment of the attainable electric fields.